Nuveen Small Cap Value Fund (FSCAX) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-05309

Nuveen Investment Funds, Inc.

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Mark J. Czarniecki

Vice President and Secretary

333 West Wacker Drive,

Chicago, IL 60606

(Name and address of agent for service)

Registrant’s telephone number, including area code: (312) 917-7700

Date of fiscal year end: May 31

Date of reporting period: May 31, 2023

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

Bond

Funds

Mutual

Funds

Nuveen

Municipal

May

31,

2023

Annual

Report

Fund

Name

Class

A

Class

C

Class

I

Nuveen

Minnesota

Intermediate

Municipal

Bond

Fund

FAMAX

NIBCX

FAMTX

Nuveen

Minnesota

Municipal

Bond

Fund

FJMNX

NTCCX

FYMNX

Nuveen

Nebraska

Municipal

Bond

Fund

FNTAX

NAAFX

FNTYX

Nuveen

Oregon

Intermediate

Municipal

Bond

Fund

FOTAX

NAFOX

FORCX

2

Table

of

Contents

Chair’s

Letter

to

Shareholders

3

Important

Notices

4

Portfolio

Managers’

Comments

5

Risk

Considerations

and

Dividend

Information

9

About

the

Funds’

Benchmarks

10

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summaries

11

Yields

24

Expense

Examples

26

Report

of

Independent

Registered

Public

Accounting

Firm

28

Portfolios

of

Investments

29

Statement

of

Assets

and

Liabilities

68

Statement

of

Operations

69

Statement

of

Changes

in

Net

Assets

70

Financial

Highlights

72

Notes

to

Financial

Statements

80

Important

Tax

Information

91

Additional

Fund

Information

92

Glossary

of

Terms

Used

in

this

Report

93

Liquidity

Risk

Management

Program

94

Annual

Investment

Management

Agreement

Approval

Process

95

Directors

and

Officers

102

Chair’s

Letter

to

Shareholders

3

Dear

Shareholders,

The

significant

measures

taken

by

the

U.S.

Federal

Reserve

(Fed)

and

other

global

central

banks

since

2022

to

contain

inflation

have

begun

to

take

effect.

From

March

2022

to

May

2023,

the

Fed

raised

the

target

fed

funds

rate

by

5.00%

to

a

range

of

5.00%

to

5.25%,

then

left

the

rate

unchanged

in

June

2023,

marking

the

fastest

interest

rate

hiking

cycle

in

its

history.

Inflation

rates

in

the

U.S.

and

across

most

of

the

world

have

fallen

from

their

post-pandemic

highs

but

currently

remain

well

above

the

levels

that

central

banks

consider

supportive

of

their

economies’

long-term

growth.

At

the

same

time,

the

U.S.

and

other

large

economies

have

remained

relatively

resilient,

even

as

financial

conditions

have

tightened.

Despite

contracting

in

the

first

half

of

2022,

U.S.

gross

domestic

product

grew

2.1%

in

2022

overall

compared

to

2021

and

expanded

at

a

moderate

pace

of

2.0%

in

the

first

quarter

of

2023.

A

relatively

strong

jobs

market

has

helped

support

consumer

sentiment

and

spending

despite

historically

high

inflation.

Markets

are

concerned

that

these

conditions

could

keep

upward

pressure

on

prices

and

wages,

although

the

collapse

of

three

regional

U.S.

banks

(Silicon

Valley

Bank,

Signature

Bank

and

First

Republic

Bank)

and

major

European

bank

Credit

Suisse

in

March

2023

is

likely

to

add

further

downward

pressure

to

the

economy

as

the

banking

system

slows

lending

in

response.

Fed

officials

are

closely

monitoring

inflation

data

and

other

economic

measures

to

modify

their

rate

setting

activity

based

upon

these

factors

on

a

meeting-by-meeting

basis,

including

pausing

rate

adjustments

at

the

most

recent

meeting

in

June

2023

to

assess

the

effects

of

monetary

policy

so

far

on

the

economy.

While

uncertainty

has

increased

given

the

unpredictable

outcome

of

tighter

credit

conditions

on

the

economy,

the

Fed

remains

committed

to

acting

until

it

sees

sustainable

progress

toward

its

inflation

goals.

Additionally,

market

concerns

surrounding

the

U.S.

debt

ceiling

faded

after

the

government

agreed

in

June

2023

to

suspend

the

nation’s

borrowing

limit

until

January

2025,

averting

a

near-term

default

scenario.

In

the

meantime,

markets

are

likely

to

continue

reacting

in

the

short

term

to

news

about

inflation

data,

economic

indicators

and

central

bank

policy.

We

encourage

investors

to

keep

a

long-term

perspective

amid

the

short-term

turbulence.

Your

financial

professional

can

help

you

review

how

well

your

portfolio

is

aligned

with

your

time

horizon,

risk

tolerance

and

investment

goals.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

we

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Terence

J.

Toth

Chair

of

the

Board

July 21,

2023

4

Important

Notices

For

Shareholders

of

Nuveen

Minnesota

Intermediate

Municipal

Bond

Fund

Nuveen

Minnesota

Municipal

Bond

Fund

Nuveen

Nebraska

Municipal

Bond

Fund

Nuveen

Oregon

Municipal

Bond

Fund

Securities

and

Exchange

Commission

(the

“SEC”)

Adopts

Amendments

for

Tailored

Shareholder

Reports

On

October

26,

2022,

the

SEC

adopted

rule

and

form

amendments

(the

“Amendments”)

that

require

mutual

funds

and

exchange-

traded

funds

registered

on

Form

N-1A

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

(“Tailored

Shareholder

Reports”).

The

Amendments

require

funds

to

prepare

a

separate

Tailored

Shareholder

Report

for

each

share

class

of

each

series

of

a

fund.

As

a

result,

shareholders

will

receive

a

report

that

covers

only

the

class

of

a

multi-class

fund

in

which

the

shareholder

invests.

Tailored

Shareholder

Reports

are

meant

to

be

three

to

four

pages

in

length

and

will

highlight

key

information

such

as

a

fund’s

expenses,

performance

and

portfolio

holdings.

Other,

more

detailed

information

that

currently

appears

in

fund

shareholder

reports

will

be

made

available

online,

filed

with

the

SEC,

and

delivered

to

investors

free

of

charge

in

paper

or

electronically

upon

request.

The

first

Tailored

Shareholder

Reports

prepared

for

the

Funds

included

within

this

shareholder

report

will

be

for

the

reporting

period

ended

May

31,

2024.

Portfolio

Managers’

Comments

5

Nuveen

Minnesota

Intermediate

Municipal

Bond

Fund

Nuveen

Minnesota

Municipal

Bond

Fund

Nuveen

Nebraska

Municipal

Bond

Fund

Nuveen

Oregon

Intermediate

Municipal

Bond

Fund

These

Funds

feature

portfolio

management

by

Nuveen

Asset

Management,

LLC

(NAM),

an

affiliate

of

Nuveen

Fund

Advisors,

LLC,

the

Funds’

investment

adviser.

Portfolio

managers

include

Christopher

L.

Drahn,

CFA,

for

the

Nuveen

Minnesota

Intermediate

Municipal

Bond

Fund

and

Nuveen

Minnesota

Municipal

Bond

Fund

and

Michael

S.

Hamilton

for

the

Nuveen

Nebraska

Municipal

Bond

Fund

and

Nuveen

Oregon

Intermediate

Municipal

Bond

Fund.

Here

the

Funds’

portfolio

managers

review

U.S.

economic

and

municipal

market

conditions,

key

investment

strategies

and

the

performance

of

the

Funds

for

the

twelve-month

reporting

period

ended

May

31,

2023.

For

more

information

on

the

Funds’

investment

objectives

and

policies,

please

refer

to

the

prospectus.

What

factors

affected

the

U.S.

economy

and

the

municipal

bond

market

during

the

twelve-month

annual

reporting

period

ended

May

31,

2023?

U.S.

economic

growth

continued

to

moderate

amid

high

inflation

and

tightening

financial

conditions

during

the

twelve-month

period

ended

May

31,

2023.

In

the

first

quarter

of

2023,

the

economy

expanded

at

an

annualized

rate

of

2%,

according

to

the

U.S.

Bureau

of

Economic

Analysis,

compared

to

2.1%

in

2022

overall.

At

the

start

of

the

reporting

period,

inflation

rose

sharply

because

of

supply

chain

disruptions

and

high

food

and

energy

prices

related

to

the

pandemic,

the

Russia-Ukraine

war

and

China’s

zero-COVID

restrictions

(eventually

lifted

in

December

2022).

Inflation

during

the

reporting

period

reached

its

peak

level

in

the

U.S.

in

June

2022.

Since

then,

price

pressures

have

eased

given

normalization

in

supply

chains,

falling

energy

prices

and

aggressive

measures

by

the

U.S.

Federal

Reserve

(Fed)

and

other

global

central

banks

to

tighten

financial

conditions

and

slow

demand

in

their

economies.

Nevertheless,

inflation

levels

remained

much

higher

than

central

banks’

target

levels.

The

Fed

raised

its

target

fed

funds

rate

eight

times

during

the

reporting

period,

bringing

it

to

a

range

of

5.00%

to

5.25%

as

of

May

2023.

At

the

June

2023

meeting

(subsequent

to

the

close

of

this

reporting

period),

the

Fed

opted

to

leave

rates

unchanged.

One

of

the

Fed’s

rate

increases

occurred

in

March

2023,

a

decision

that

was

closely

watched

because

of

the

failure

of

Silicon

Valley

Bank

and

Signature

Bank

during

the

same

month

and

uncertainty

around

the

economic

impact

of

these

failures.

Additionally,

in

March

2023,

Swiss

bank

UBS

agreed

to

buy

Credit

Suisse,

which

was

considered

to

be

vulnerable

in

the

current

environment.

For

much

of

the

reporting

period,

the

Fed’s

activity

led

to

significant

volatility

in

bond

and

stock

markets.

In

addition,

it

contributed

to

an

increase

in

the

U.S.

dollar’s

value

relative

to

major

world

currencies,

which

acts

as

a

headwind

to

the

profits

of

international

companies

and

U.S.

domestic

companies

with

overseas

earnings.

Global

currency

and

bond

markets

were

further

roiled

in

September

2022

by

an

unpopular

fiscal

spending

proposal

in

the

U.K.

but

recovered

after

the

plans

were

abandoned.

During

the

reporting

period,

elevated

inflation

and

higher

borrowing

costs

weighed

on

some

segments

of

the

economy,

including

the

real

estate

market.

Consumer

spending,

however,

has

remained

more

resilient

than

expected,

in

part

because

of

a

still-strong

labor

market,

another

key

gauge

of

the

economy’s

health.

By

July

2022,

the

economy

had

recovered

the

22

million

jobs

lost

since

the

beginning

of

the

pandemic.

As

of

May

2023,

the

unemployment

rate

remained

near

its

pre-pandemic

low

of

3.7%,

although

monthly

job

growth

appeared

to

be

slowing.

The

strong

labor

market

and

wage

gains

helped

provide

a

measure

of

resilience

to

the

U.S.

economy

during

the

reporting

period,

even

as

the

Fed

sought

to

soften

job

growth

to

help

curb

inflation

pressures.

The

broad

municipal

bond

market

was

impacted

by

interest

rate

volatility

and

economic

uncertainty

during

the

reporting

period.

Municipal

yields

rose

across

the

maturity

spectrum,

but

the

move

was

uneven.

The

greatest

increase

in

yields

was

at

the

shorter

end

of

the

curve

as

markets

priced

in

a

more

aggressive

pace

of

monetary

tightening

to

combat

persistently

high

inflation.

Yields

at

the

long

end

of

the

municipal

curve

also

rose

significantly,

but

intermediate

and

intermediate-long

maturities

saw

relatively

smaller

yield

increases.

Overall,

shorter

maturities

generally

outperformed

longer

maturities

during

the

reporting

period.

In

response

to

the

rising

interest

rate

environment

and

heightened

market

volatility,

dealers

reduced

their

inventories

and

investors

increased

redemptions

from

traditional

municipal

bond

mutual

funds,

particularly

in

the

first

half

of

the

reporting

period.

Fund

flows

have

stabilized

and

began

to

improve

in

2023.

For

much

of

the

reporting

period,

credit

spreads

were

generally

stable

given

relatively

strong

municipal

fundamentals,

although

there

was

some

widening

as

the

market

sell-off

continued.

Portfolio

Managers’

Comments

(continued)

6

What

were

the

economic

and

market

environments

in

Minnesota,

Nebraska

and

Oregon

during

the

twelve-month

reporting

period

ended

May

31,

2023?

Minnesota’s

nominal

economic

growth

generally

has

slightly

underperformed

the

nation

over

the

last

three

years.

As

of

May

2023,

Minnesota's

unemployment

rate

was

2.9%,

below

the

national

unemployment

rate

of

3.7%.

Minnesota

closed

fiscal

year

2022

(July

1,

2021,

to

June

30,

2022)

with

a

$7.4

billion

general

fund

surplus

on

improved

revenue

performance

across

all

tax

categories.

The

state

more

than

doubled

its

unassigned

reserves

from

the

prior

fiscal

year

with

a

balance

of

$10.8

billion,

or

34.2%

of

fiscal

year

2022

revenue.

As

of

February

2023,

the

state

estimates

an

improved

fiscal

year

2023

unassigned

reserve

balance

of

$12.5

billion,

resulting

from

higher-than-expected

individual

and

corporate

income

tax

collections.

As

of

May

2023,

Minnesota’s

general

obligation

debt

carried

ratings

of

Aaa

from

Moody’s

and

AAA

from

S&P.

Moody’s

upgraded

the

state’s

rating

to

Aaa

from

Aa1

in

July

2022.

Minnesota

municipal

bond

new

issuance

totaled

$5.7

billion

for

the

twelve-month

period

ended

May

31,

2023,

a

28.4%

decrease

from

the

same

period

a

year

earlier.

Nebraska’s

large

exposure

to

agriculture

and

livestock

tends

to

moderate

the

state’s

relative

growth

during

periods

of

national

economic

expansion

but

has

benefited

the

state

during

the

pandemic-driven

contraction

and

following

recovery.

As

of

May

2023,

Nebraska’s

unemployment

rate

was

1.9%,

compared

to

3.7%

for

the

nation.

The

state’s

operating

performance

in

fiscal

year

2022

(July

1,

2021,

to

June

30,

2022)

was

strong

as

a

result

of

increased

income

and

sales

tax

revenue

compared

to

the

prior

year.

A

net

general

fund

surplus

of

$810.8

million,

or

13%

of

fiscal

year

2022

revenue,

increased

the

total

fund

balance

to

$3.2

billion

with

its

cash

reserve

(rainy

day)

fund

increasing

99%

to

a

strong

$927

million.

As

of

April

2023,

Nebraska

estimated

fiscal

year

2023

general

fund

revenue

of

$6.4

billion,

which

is

a

4.9%

percent

increase

from

the

prior

year.

As

of

May

2023,

Nebraska

held

a

rating

of

AAA

from

S&P

and

Aa1

from

Moody’s

with

stable

outlooks.

Nebraska

municipal

bond

new

issuance

totaled

$2.2

billion

for

the

twelve-

month

period

ended

May

31,

2023,

a

33.7%

decrease

from

the

same

period

a

year

earlier.

Oregon’s

post-pandemic

economic

recovery

continues

to

be

strong.

The

state’s

real

GDP

grew

3.0%

in

2022,

compared

to

an

increase

of

2.1%

for

the

United

States

as

a

whole.

.

As

of

May

2023,

the

state’s

unemployment

rate

was

3.7%,

the

same

as

the

national

rate.

Economic

recovery

since

the

pandemic

has

contributed

to

better-than-anticipated

tax

collections

and

an

accumulation

of

reserves.

The

March

2023

revenue

forecast

shows

both

personal

income

and

corporate

tax

collections

continuing

to

grow,

surpassing

expectations.

As

a

result,

the

2021-2023

biennium

general

fund

revenue

forecast

increased

to

$28.9

billion,

an

increase

of

$497

million

over

the

December

2022

estimate.

Oregon's

2023-2025

biennial

budget

is

structurally

balanced,

and

the

governor

has

committed

to

maintaining

the

state's

$2.05

billion

of

combined

balances

in

the

rainy

day

fund

and

economic

stability

fund.

As

of

May

2023,

Oregon’s

general

obligation

bonds

were

rated

Aa1

and

AA+

with

a

stable

outlook

by

Moody’s

and

S&P,

respectively.

Oregon

municipal

bond

new

issuance

totaled

$5.0

billion

for

the

twelve-month

period

ended

May

31,

2023,

a

21.7%

decrease

from

the

same

period

a

year

earlier.

Nuveen

Minnesota

Intermediate

Municipal

Bond

Fund

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

May

31,

2023?

The

Fund

invests

primarily

in

investment

grade,

intermediate-term

municipal

bonds

with

a

targeted

weighted

average

maturity

of

three

to

10

years.

The

Fund

seeks

to

provide

current

interest

income

exempt

from

regular

federal,

Minnesota

state,

and

in

some

cases,

local

income

taxes

as

is

consistent

with

preservation

of

capital.

During

the

reporting

period,

the

portfolio

management

team

engaged

in

tax-loss

swap

opportunities.

This

strategy

involved

selling

depreciated

bonds

with

lower

embedded

yields

to

reinvest

in

similarly

structured,

higher

income-producing

bonds

to

support

the

Fund’s

income

earnings

and

capture

tax

efficiencies.

Throughout

the

period,

the

portfolio

management

team

also

focused

on

boosting

the

Fund’s

income

for

dividend

distribution.

In

addition,

the

portfolio

management

team

increased

exposure

to

BBB

rated

bonds

and

maintained

exposure

to

sub-investment

grade

bonds.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

May

31,

2023?

The

Class

A

Shares

of

the

Nuveen

Minnesota

Intermediate

Municipal

Bond

Fund

underperformed

the

S&P

Municipal

Bond

Intermediate

Index

for

the

twelve-month

reporting

period

ended

May

31,

2023.

For

the

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

S&P

Municipal

Bond

Intermediate

Index.

The

primary

detractor

from

the

Fund’s

relative

performance

was

sector

allocation,

particularly

an

underweight

to

outperforming

state

general

obligation

bonds

and

an

overweight

to

underperforming

senior

living

bonds.

Partially

offsetting

the

Fund’s

underperformance

were

favorable

security

selection

and

an

overweight

to

lower

rated

bonds.

7

Nuveen

Minnesota

Municipal

Bond

Fund

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

May

31,

2023?

The

Fund

invests

primarily

in

investment

grade,

long-term

municipal

bonds

with

a

targeted

weighted

average

maturity

of

10

to

25

years.

The

Fund

is

designed

to

provide

maximum

current

income

exempt

from

regular

federal,

Minnesota

state,

and

in

some

cases,

local

income

taxes

as

is

consistent

with

preservation

of

capital.

During

the

reporting

period,

the

portfolio

management

team

engaged

in

tax-loss

swap

opportunities.

This

strategy

involved

selling

depreciated

bonds

with

lower

embedded

yields

to

reinvest

in

similarly

structured,

higher

income-producing

bonds

to

support

the

Fund’s

income

earnings

and

capture

tax

efficiencies.

Throughout

the

reporting

period,

the

portfolio

management

team

also

focused

on

boosting

the

Fund’s

income

for

dividend

distribution.

In

addition,

the

portfolio

management

team

maintained

exposure

to

sub-

investment

grade

bonds.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

May

31,

2023?

The

Class

A

Shares

of

the

Nuveen

Minnesota

Municipal

Bond

Fund

underperformed

the

S&P

Municipal

Bond

Minnesota

Index

for

the

twelve-month

reporting

period

ended

May

31,

2023.

For

the

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

S&P

Municipal

Bond

Minnesota

Index.

The

Fund’s

underperformance

was

primarily

driven

by

its

overweight

to

bonds

with

coupons

of

around

4%,

which

generally

were

also

longer

duration,

and

underperformed

as

interest

rates

rose

during

the

reporting

period.

An

overweight

to

the

higher

education

sector

also

detracted

from

relative

performance.

Partly

offsetting

the

Fund’s

underperformance

was

its

underweight

to

bonds

with

coupons

below

4%,

which

were

some

of

the

weakest

performers

as

interest

rate

rose.

The

Fund’s

favorable

security

selection

in

the

health

care

sector

also

contributed

to

relative

performance.

Nuveen

Nebraska

Municipal

Bond

Fund

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

May

31,

2023?

The

Fund

invests

primarily

in

investment

grade,

long-term

municipal

bonds

with

a

targeted

maturity

of

10

to

25

years.

The

Fund

is

designed

to

provide

maximum

current

income

exempt

from

regular

federal,

Nebraska

state,

and

in

some

cases,

local

income

taxes

as

is

consistent

with

preservation

of

capital.

During

the

reporting

period,

the

portfolio

management

team

engaged

in

tax-loss

swap

opportunities.

This

strategy

involved

selling

depreciated

bonds

with

lower

embedded

yields

to

reinvest

in

similarly

structured,

higher

income-producing

bonds

to

support

the

Fund’s

income

earnings

and

capture

tax

efficiencies.

In

addition,

particularly

during

the

fourth

quarter

of

2022,

when

the

municipal

bond

market

was

at

a

relative

low

point,

the

portfolio

management

team

took

advantage

of

opportunities

to

invest

in

attractively

valued

bonds.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

May

31,

2023?

The

Class

A

Shares

of

the

Nuveen

Nebraska

Municipal

Bond

Fund

underperformed

the

S&P

Municipal

Bond

Nebraska

Index

for

the

twelve-month

reporting

period

ended

May

31,

2023.

For

the

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

S&P

Municipal

Bond

Nebraska

Index.

The

Fund’s

underperformance

was

primarily

driven

by

its

underweight

to

utility

bonds,

particularly

public

power

bonds.

Utility

bonds

make

up

a

large

proportion

of

the

Nebraska

municipal

bond

market,

and

the

Fund’s

underweight

to

this

outperforming

category

hampered

results.

Another

detractor

from

relative

performance

was

the

Fund’s

overweight

to

longer-duration

bonds.

With

the

Fed

rapidly

raising

short-term

interest

rates

during

the

reporting

period,

the

Fund’s

overweight

to

longer-duration

bonds

made

it

more

sensitive

to

rising

interest

rates

and

detracted.

Partially

offsetting

the

Fund’s

underperformance

were

overweights

to

the

AA

rated

and

non-rated

credit

categories,

which

outperformed.

Portfolio

Managers’

Comments

(continued)

8

Nuveen

Oregon

Intermediate

Municipal

Bond

Fund

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

May

31,

2023?

The

Fund

invests

primarily

in

investment

grade,

intermediate-term

municipal

bonds

with

a

targeted

weighted

average

maturity

of

three

to

10

years.

The

Fund

seeks

to

provide

current

interest

income

exempt

from

regular

federal,

Oregon

state,

and

in

some

cases,

local

income

taxes

as

is

consistent

with

preservation

of

capital.

During

the

reporting

period,

the

portfolio

management

team

engaged

in

tax-loss

swap

opportunities.

This

strategy

involved

selling

depreciated

bonds

with

lower

embedded

yields

to

reinvest

in

similarly

structured,

higher

income-producing

bonds

to

support

the

Fund’s

income

earnings

and

capture

tax

efficiencies.

The

portfolio

management

team

also

focused

on

extending

the

Fund’s

duration

in

further

support

of

its

income.

In

addition,

particularly

during

the

fourth

quarter

of

2022,

when

the

municipal

bond

market

was

at

a

relative

low

point,

the

portfolio

management

team

took

advantage

of

opportunities

to

invest

in

attractively

valued

bonds.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

May

31,

2023?

The

Class

A

Shares

of

the

Nuveen

Oregon

Intermediate

Municipal

Bond

Fund

underperformed

the

S&P

Municipal

Bond

Intermediate

Index

for

the

twelve-month

reporting

period

ended

May

31,

2023.

For

the

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

S&P

Municipal

Bond

Intermediate

Index.

The

Fund’s

underperformance

was

primarily

driven

by

its

overweight

to

the

health

care

sector,

particularly

life

care

bonds,

which

underperformed

during

the

reporting

period.

Additionally,

the

Fund’s

overweight

to

the

local

general

obligation

bond

category,

particularly

among

tax-supported

bonds,

detracted

from

relative

performance.

Partially

offsetting

the

Fund’s

underperformance

was

its

underweight

to

AAA

rated

bonds,

which

underperformed.

An

underweight

to

longer-duration

bonds,

which

underperformed,

also

contributed

to

relative

performance.

This

material

is

not

intended

to

be

a

recommendation

or

investment

advice,

does

not

constitute

a

solicitation

to

buy,

sell

or

hold

a

security

or

an

investment

strategy,

and

is

not

provided

in

a

fiduciary

capacity.

The

information

provided

does

not

take

into

account

the

specific

objectives

or

circumstances

of

any

particular

investor,

or

suggest

any

specific

course

of

action.

Investment

decisions

should

be

made

based

on

an

investor’s

objectives

and

circumstances

and

in

consultation

with

his

or

her

advisors.

Certain

statements

in

this

report

are

forward-looking

statements.

Discussions

of

specific

investments

are

for

illustration

only

and

are

not

intended

as

recommendations

of

individual

investments.

The

forward-looking

statements

and

other

views

expressed

herein

are

those

of

the

portfolio

managers

as

of

the

date

of

this

report.

Actual

future

results

or

occurrences

may

differ

significantly

from

those

anticipated

in

any

forward-looking

statements

and

the

views

expressed

herein

are

subject

to

change

at

any

time,

due

to

numerous

market

and

other

factors.

The

Funds

disclaim

any

obligation

to

update

publicly

or

revise

any

forward-looking

statements

or

views

expressed

herein.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s

(S&P),

Moody’s

Investors

Service,

Inc.

(Moody’s)

or

Fitch,

Inc

(Fitch).

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A,

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below-investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

ratings

agencies.

Bond

insurance

guarantees

only

the

payment

of

principal

and

interest

on

the

bond

when

due,

and

not

the

value

of

the

bonds

themselves,

which

will

fluctuate

with

the

bond

market

and

the

financial

success

of

the

issuer

and

the

insurer.

Insurance

relates

specifically

to

the

bonds

in

the

portfolio

and

not

to

the

share

prices

of

a

Fund.

No

representation

is

made

as

to

the

insurers’

ability

to

meet

their

commitments.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Risk

Considerations

and

Dividend

Information

9

Risk

Considerations

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

Debt

or

fixed

income

securities

such

as

those

held

by

the

Funds,

are

subject

to

market

risk,

credit

risk,

interest

rate

risk,

call

risk,

state

concentration

risk,

tax

risk,

and

income

risk.

As

interest

rates

rise,

bond

prices

fall.

Credit

risk

refers

to

an

issuers

ability

to

make

interest

and

principal

payments

when

due.

Below

investment

grade

or

high

yield

debt

securities

are

subject

to

liquidity

risk

and

heightened

credit

risk.

The

Funds’

use

of

inverse

floaters

creates

effective

leverage.

Leverage

involves

the

risk

that

the

Funds

could

lose

more

than

its

original

investment

and

also

increases

the

Funds’

exposure

to

volatility

and

interest

rate

risk.

Dividend

Information

Each

Fund

seeks

to

pay

regular

monthly

dividends

out

of

its

net

investment

income

at

a

rate

that

reflects

its

past

and

projected

net

income

performance.

To

permit

each

Fund

to

maintain

a

more

stable

monthly

dividend,

the

Fund

may

pay

dividends

at

a

rate

that

may

be

more

or

less

than

the

amount

of

net

income

actually

earned

by

the

Fund

during

the

period.

Distributions

to

shareholders

are

determined

on

a

tax

basis,

which

may

differ

from

amounts

recorded

in

the

accounting

records.

In

instances

where

the

monthly

dividend

exceeds

the

earned

net

investment

income,

the

Fund

would

report

a

negative

undistributed

net

ordinary

income.

Refer

to

Note

6

–

Income

Tax

Information

for

additional

information

regarding

the

amounts

of

undistributed

net

ordinary

income

and

undistributed

net

long-term

capital

gains

and

the

character

of

the

actual

distributions

paid

by

the

Fund

during

the

period.

All

monthly

dividends

paid

by

each

Fund

during

the

current

reporting

period

were

paid

from

net

investment

income.

If

a

portion

of

the

Fund’s

monthly

distributions

is

sourced

or

comprised

of

elements

other

than

net

investment

income,

including

capital

gains

and/

or

a

return

of

capital,

shareholders

will

be

notified

of

those

sources.

For

financial

reporting

purposes,

the

per

share

amounts

of

the

Fund’s

distributions

for

the

reporting

period

are

presented

in

this

report’s

Financial

Highlights.

For

income

tax

purposes,

distribution

information

for

the

Fund

as

of

its

most

recent

tax

year

end

is

presented

in

Note

6

–

Income

Tax

Information

within

the

Notes

to

Financial

Statements

of

this

report.

10

About

the

Funds’

Benchmarks

Lipper

Minnesota

Municipal

Debt

Funds

Classification

Average:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

Minnesota

Municipal

Debt

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charge.

Lipper

Other

States

Intermediate

Municipal

Debt

Funds

Classification

Average:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

Other

States

Intermediate

Municipal

Debt

Funds

Classification.

Shareholders

should

note

that

the

performance

of

the

Lipper

Other

States

Intermediate

Municipal

Debt

Funds

Classification

Average

represents

the

overall

average

of

returns

for

funds

from

multiple

states

with

a

wide

variety

of

municipal

market

conditions,

making

direct

comparisons

less

meaningful.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charge.

Lipper

Other

States

Municipal

Debt

Funds

Classification

Average:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

Other

States

Municipal

Debt

Funds

Classification.

Shareholders

should

note

that

the

performance

of

the

Lipper

Other

States

Municipal

Debt

Funds

Classification

Average

represents

the

overall

average

of

returns

for

funds

from

multiple

states

with

a

wide

variety

of

municipal

market

conditions,

making

direct

comparisons

less

meaningful.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charge.

S&P

Municipal

Bond

Index

:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

U.S.

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

Intermediate

Index:

An

index

containing

bonds

in

the

S&P

Municipal

Bond

Index

that

mature

between

3

and

15

years.

Index

returns

assume

reinvestment

of

distributions

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

Minnesota

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

Minnesota

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

Nebraska

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

Nebraska

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

11

The

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summaries

for

each

Fund

are

shown

within

this

section

of

the

report.

Fund

Performance

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Investment

returns

and

principal

value

will

fluctuate

so

that

when

shares

are

redeemed,

they

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

shown.

Total

returns

for

a

period

of

less

than

one

year

are

not

annualized

(i.e.

cumulative

returns).

Since

inception

returns

are

shown

for

share

classes

that

have

less

than

10-years

of

performance.

Returns

at

net

asset

value

(NAV)

would

be

lower

if

the

sales

charge

were

included.

Returns

assume

reinvestment

of

dividends

and

capital

gains.

For

performance,

current

to

the

most

recent

month-end

visit

Nuveen.com

or

call

(800)

257-8787.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Income

is

generally

exempt

from

regular

federal

income

taxes.

Some

income

may

be

subject

to

state

and

local

income

taxes

and

to

the

federal

alternative

minimum

tax.

Capital

gains,

if

any,

are

subject

to

tax.

Returns

may

reflect

fee

waivers

and/or

expense

reimbursements

by

the

investment

adviser

during

the

periods

presented.

If

any

such

waivers

and/or

reimbursements

had

not

been

in

place,

returns

would

have

been

reduced.

See

Notes

to

Financial

Statements,

Note

7—Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

Returns

reflect

differences

in

sales

charges

and

expenses,

which

are

primarily

differences

in

distribution

and

service

fees,

and

assume

reinvestment

of

dividends

and

capital

gains.

Comparative

index

and

Lipper

return

information

is

provided

for

Class

A

Shares

at

NAV

only.

Expense

Ratios

The

expense

ratios

shown

are

as

of

the

Fund’s

most

recent

prospectus.

The

expense

ratios

shown

reflect

total

operating

expenses

(before

fee

waivers

and/or

expense

reimbursements,

if

any).

The

expense

ratios

include

management

fees

and

other

fees

and

expenses.

Refer

to

the

Financial

Highlights

later

in

this

report

for

the

Fund’s

expense

ratios

as

of

the

end

of

the

reporting

period.

Effective

Leverage

Ratios

Leverage

is

created

whenever

a

Fund

has

investment

exposure

(both

reward

and/or

risk)

equivalent

to

more

than

100%

of

its

investment

capital.

The

effective

leverage

ratio

shown

for

each

Fund

is

the

amount

of

investment

exposure

created

either

directly

through

borrowings

or

indirectly

through

inverse

floaters,

divided

by

the

assets

invested,

including

those

assets

that

were

purchased

with

the

proceeds

of

the

leverage,

or

referenced

by

the

levered

instrument.

A

Fund

may

also

from

time

to

time

borrow

on

a

typically

transient

basis

in

connection

with

its

day-to-day

operations,

primarily

in

connection

with

the

need

to

pay

cash

out

to

redeeming

shareholders

or

to

settle

portfolio

trades.

Such

incidental

borrowings,

described

generally

in

Notes

to

Financial

Statements,

are

excluded

from

the

calculation

of

a

Fund’s

effective

leverage

ratio.

Holdings

Summaries

The

Holdings

Summaries

data

relates

to

the

securities

held

in

each

Fund’s

portfolio

of

investments

as

of

the

end

of

this

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

Refer

to

the

Fund’s

Portfolio

of

Investments

for

individual

security

information. 

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s,

Moody’s

Investors

Service,

Inc.

or

Fitch,

Inc.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below

investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

12

Nuveen

Minnesota

Intermediate

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

May

31,

2023

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summa-

ries section

for

further

explanation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

Intermediate

Index.

**

Class

A

Shares

have

a

maximum

3.00%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$250,000

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within less

than

twelve

months,

which

is

reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

Effective

Leverage

Ratio

as

of

May

31,

2023

Total

Returns

as

of

May

31,

2023**

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

10-Year

Class

A

at

NAV

2/25/94

0.71%

1.20%

1.81%

0.80%

Class

A

at

maximum

Offering

Price

2/25/94

(2.27)%

0.58%

1.50%

–

S&P

Municipal

Bond

Intermediate

Index

—

1.05%

1.82%

2.23%

—

Lipper

Other

States

Intermediate

Municipal

Debt

Funds

Classification

Average

—

0.01%

0.94%

1.29%

—

Class

I

2/25/94

0.90%

1.43%

2.02%

0.60%

Total

Returns

as

of

May

31,

2023**

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

Since

Inception

Class

C

at

NAV

2/10/14

(0.11)%

0.41%

1.23%

1.60%

Class

C

at

maximum

Offering

Price

2/10/14

(0.11)%

0.41%

1.23%

–

Effective

Leverage

Ratio

0.00%

13

Growth

of

an

Assumed

$10,000

Investment

as

of May

31,

2023

 -

Class

A 

The

graphs

do

not

reflect

the

deduction

of

taxes,

such

as

state

and

local

income

taxes

or

capital

gains

taxes that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

14

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

May

31,

2023

(continued)

Holdings

Summaries

as

of

May

31,

2023

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

99

.2‌

%

Other

Assets

&

Liabilities,

Net

0.8%

Net

Assets

100‌

%

States

and

Territories

1

(%

of

total

municipal

bonds)

Minnesota

100.0%

Total

100%

Portfolio

Composition

2

(%

of

total

investments)

Tax

Obligation/General

29.5%

Education

and

Civic

Organizations

18.2%

Health

Care

17.0%

Tax

Obligation/Limited

10.5%

Long-Term

Care

10.0%

Transportation

6.9%

Utilities

4.7%

Other

3.2%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

2.4%

AAA

16.6%

AA

33.1%

A

16.9%

BBB

10.5%

BB

or

Lower

5.5%

N/R

(not

rated)

15.0%

Total

100‌

%

1

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Minnesota

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

2

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

Nuveen

Minnesota

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

May

31,

2023

15

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summa-

ries section

for

further

explanation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

Minnesota

Index.

**

Class

A

Shares

have

a

maximum

4.20%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$250,000

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within less

than

twelve

months,

which

is

reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

Effective

Leverage

Ratio

as

of

May

31,

2023

Total

Returns

as

of

May

31,

2023**

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

10-Year

Class

A

at

NAV

7/11/88

(0.73)%

0.99%

2.02%

0.77%

Class

A

at

maximum

Offering

Price

7/11/88

(4.93)%

0.12%

1.59%

–

S&P

Municipal

Bond

Index

—

0.19%

1.68%

2.31%

—

S&P

Municipal

Bond

Minnesota

Index

—

(0.24)%

1.55%

2.08%

—

Lipper

Minnesota

Municipal

Debt

Funds

Classification

Average

—

(1.18)%

0.76%

1.51%

—

Class

I

8/01/97

(0.61)%

1.18%

2.23%

0.57%

Total

Returns

as

of

May

31,

2023**

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

Since

Inception

Class

C

at

NAV

2/10/14

(1.51)%

0.18%

1.72%

1.57%

Class

C

at

maximum

Offering

Price

2/10/14

(1.51)%

0.18%

1.72%

–

Effective

Leverage

Ratio

0.00%

16

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

May

31,

2023

(continued)

Growth

of

an

Assumed

$10,000

Investment

as

of May

31,

2023

 -

Class

A 

The

graphs

do

not

reflect

the

deduction

of

taxes,

such

as

state

and

local

income

taxes

or

capital

gains

taxes that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

17

Holdings

Summaries

as

of

May

31,

2023

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

97

.8‌

%

Short-Term

Municipal

Bonds

0

.9‌

%

Other

Assets

&

Liabilities,

Net

1.3%

Net

Assets

100‌

%

States

and

Territories

1

(%

of

total

municipal

bonds)

Minnesota

97.4%

Puerto

Rico

2.3%

Guam

0.3%

Total

100%

Portfolio

Composition

2

(%

of

total

investments)

Tax

Obligation/General

22.6%

Health

Care

19.0%

Education

and

Civic

Organizations

17.0%

Utilities

10.7%

Tax

Obligation/Limited

10.3%

Transportation

9.0%

Long-Term

Care

8.4%

Other

3.0%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

1.0%

AAA

13.5%

AA

32.2%

A

24.5%

BBB

6.6%

BB

or

Lower

7.6%

N/R

(not

rated)

14.6%

Total

100‌

%

1

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Minnesota

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

2

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

18

Nuveen

Nebraska

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

May

31,

2023

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summa-

ries section

for

further

explanation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

Nebraska

Index.

**

Class

A

Shares

have

a

maximum

4.20%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$250,000

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within less

than

twelve

months,

which

is

reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

***

The

Fund’s

investment

adviser

has

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

through

July

31,

2025

so

that

the

total

annual

operating

expenses

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed

0.65%

of

the

average

daily

net

assets

of

any

class

of

Fund

Shares.

This

expense

limitation

may

be

terminated

or

modified

prior

to

that

date

only

with

the

approval

of

the

Board

of

Directors of

the

Fund.

Effective

Leverage

Ratio

as

of

May

31,

2023

Total

Returns

as

of

May

31,

2023**

Average

Annual

Expense

Ratios

***

Inception

Date

1-Year

5-Year

10-Year

Gross

Net

Class

A

at

NAV

2/28/01

(1.20)%

0.46%

1.51%

0.88%

0.82%

Class

A

at

maximum

Offering

Price

2/28/01

(5.35)%

(0.39)%

1.07%

–

—

S&P

Municipal

Bond

Index

—

0.19%

1.68%

2.31%

—

—

S&P

Municipal

Bond

Nebraska

Index

—

0.01%

1.45%

2.24%

—

—

Lipper

Other

States

Municipal

Debt

Funds

Classification

Average

—

(0.98)%

0.79%

1.47%

—

—

Class

I

2/28/01

(0.99)%

0.69%

1.70%

0.68%

0.62%

Total

Returns

as

of

May

31,

2023**

Average

Annual

Expense

Ratios

***

Inception

Date

1-Year

5-Year

Since

Inception

Gross

Net

Class

C

at

NAV

2/10/14

(1.89)%

(0.31)%

1.14%

1.68%

1.62%

Class

C

at

maximum

Offering

Price

2/10/14

(1.89)%

(0.31)%

1.14%

–

—

Effective

Leverage

Ratio

0.00%

19

Growth

of

an

Assumed

$10,000

Investment

as

of May

31,

2023

 -

Class

A 

The

graphs

do

not

reflect

the

deduction

of

taxes,

such

as

state

and

local

income

taxes

or

capital

gains

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemptions

of

Fund

shares.

20

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

May

31,

2023

(continued)

Holdings

Summaries

as

of

May

31,

2023

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

97

.7‌

%

Short-Term

Municipal

Bonds

0

.2‌

%

Other

Assets

&

Liabilities,

Net

2.1%

Net

Assets

100‌

%

States

and

Territories

1

(%

of

total

municipal

bonds)

Nebraska

91.9%

Puerto

Rico

3.9%

Guam

2.6%

Virgin

Islands

1.1%

Wisconsin

0.2%

California

0.2%

Hawaii

0.1%

Total

100%

Portfolio

Composition

2

(%

of

total

investments)

Tax

Obligation/General

40.5%

Utilities

18.3%

Tax

Obligation/Limited

9.3%

Health

Care

8.6%

Education

and

Civic

Organizations

7.6%

U.S.

Guaranteed

7.1%

Transportation

4.3%

Other

4.3%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

7.1%

AAA

4.6%

AA

60.4%

A

19.1%

BBB

1.5%

BB

or

Lower

1.1%

N/R

(not

rated)

6.2%

Total

100‌

%

1

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Nebraska

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

2

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

Nuveen

Oregon

Intermediate

Municipal

Bond

Fund

(continued)

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

May

31,

2023

21

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios,

Effective

Leverage

Ratios

and

Holdings

Summa-

ries section

for

further

explanation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

Intermediate

Index.

**

Class

A

Shares

have

a

maximum

3.00%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$250,000

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within less

than

twelve

months,

which

is

reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

Effective

Leverage

Ratio

as

of

May

31,

2023

Total

Returns

as

of

May

31,

2023**

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

10-Year

Class

A

at

NAV

2/01/99

0.27%

1.04%

1.43%

0.81%

Class

A

at

maximum

Offering

Price

2/01/99

(2.70)%

0.43%

1.12%

–

S&P

Municipal

Bond

Intermediate

Index

—

1.05%

1.82%

2.23%

—

Lipper

Other

States

Intermediate

Municipal

Debt

Funds

Classification

Average

—

0.01%

0.94%

1.29%

—

Class

I

8/08/97

0.46%

1.24%

1.62%

0.61%

Total

Returns

as

of

May

31,

2023**

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

Since

Inception

Class

C

at

NAV

2/10/14

(0.43)%

0.25%

0.88%

1.61%

Class

C

at

maximum

Offering

Price

2/10/14

(0.43)%

0.25%

0.88%

–

Effective

Leverage

Ratio

0.00%

22

Fund

Performance,

Expense

Ratios,

Effective

Leverage

and

Holdings

Summaries

May

31,

2023

(continued)

Growth

of

an

Assumed

$10,000

Investment

as

of May

31,

2023

 -

Class

A 

The

graphs

do

not

reflect

the

deduction

of

taxes,

such

as

state

and

local

income

taxes

or

capital

gains

taxes that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

23

Holdings

Summaries

as

of

May

31,

2023

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

97

.6‌

%

Other

Assets

&

Liabilities,

Net

2.4%

Net

Assets

100‌

%

States

and

Territories

1

(%

of

total

municipal

bonds)

Oregon

92.7%

Guam

3.5%

Puerto

Rico

2.6%

Virgin

Islands

1.2%

Total

100%

Portfolio

Composition

2

(%

of

total

investments)

Tax

Obligation/General

46.3%

Health

Care

15.1%

Tax

Obligation/Limited

10.3%

Utilities

9.9%

Long-Term

Care

6.6%

Transportation

4.6%

Education

and

Civic

Organizations

4.2%

Other

3.0%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

0.7%

AAA

4.6%

AA

63.2%

A

14.0%

BBB

5.0%

BB

or

Lower

2.6%

N/R

(not

rated)

9.9%

Total

100‌

%

1

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Oregon

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

2

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

24

Yields

as

of

May

31,

2023

Dividend

Yield

is

the

most

recent

dividend

per

share

(annualized)

divided

by

the

offering

price

per

share.

The

SEC

30-Day

Yield

is

a

standardized

measure

of

a

fund’s

yield

that

accounts

for

the

future

amortization

of

premiums

or

discounts

of

bonds

held

in

the

fund’s

portfolio.

The

SEC

30-Day

Yield

is

computed

under

an

SEC

standardized

formula

and

is

based

on

the

maximum

offer

price

per

share.

Subsidized

yields

reflect

fee

waivers

and/or

expense

reimbursements

from

the

investment

adviser

during

the

period.

Unsubsidized

yields

do

not

reflect

waivers

and/or

reimbursements

from

the

investment

adviser

during

the

period.

Refer

to

the

Notes

to

Financial

Statements,

Note

7

–

Management

Fees

and

Other

Transactions

with

Affiliates

for

further

details

on

the

investment

adviser’s

most

recent

agreement

with

the

Fund

to

waive

fees

and/or

reimburse

expenses,

where

applicable.

Dividend

Yield

may

differ

from

the

SEC

30-Day

Yield

because

the

fund

may

be

paying

out

more

or

less

than

it

is

earning

and

it

may

not

include

the

effect

of

amortization

of

bond

premium

or

discounts.

The

Taxable-Equivalent

Yield

represents

the

yield

that

must

be

earned

on

a

fully

taxable

investment

in

order

to

equal

the

yield

of

the

Fund

on

an

after-tax

basis

at

an

assumed

tax

rate.

Your

actual

combined

federal

and

state

income

tax

rates

may

differ

from

the

assumed

rate.

Taxable-Equivalent

Yield

also

takes

into

account

the

percentage

of

the

Fund’s

income

generated

and

paid

by

the

Fund

(based

on

payments

made

during

the

previous

calendar

year)

that

was

either

exempt

from

federal

income

tax

but

not

from

state

income

tax

(e.g.,

income

from

an

out-of-state

municipal

bond),

or

was

exempt

from

neither

federal

nor

state

income

tax.

Separately,

if

the

comparison

were

instead

to

investments

that

generate

qualified

dividend

income,

which

is

taxable

at

a

rate

lower

than

an

individual’s

ordinary

graduated

tax

rate,

the

fund’s

Taxable-Equivalent

Yield

would

be

lower.

Nuveen

Minnesota

Intermediate

Municipal

Bond

Fund

Share

Class

Class

A

1

Class

C

Class

I

Dividend

Yield

2.77%

2.06%

3.05%

SEC

30-Day

Yield

2.76%

2.04%

3.03%

Taxable-Equivalent

Yield

(50.7%)

2

5.60%

4.14%

6.14%

Nuveen

Minnesota

Municipal

Bond

Fund

Share

Class

Class

A

1

Class

C

Class

I

Dividend

Yield

3.07%

2.42%

3.43%

SEC

30-Day

Yield

3.22%

2.55%

3.54%

Taxable-Equivalent

Yield

(50.7%)

2

6.53%

5.17%

7.18%

Nuveen

Nebraska

Municipal

Bond

Fund

Share

Class

Class

A

1

Class

C

Class

I

Dividend

Yield

2.07%

1.36%

2.34%

SEC

30-Day

Yield

2.80%

2.12%

3.12%

Taxable-Equivalent

Yield

(47.4%)

2

5.31%

4.02%

5.92%

25

Nuveen

Oregon

Intermediate

Municipal

Bond

Fund

Share

Class

Class

A

1

Class

C

Class

I

Dividend

Yield

2.35%

1.56%

2.61%

SEC

30-Day

Yield

2.46%

1.74%

2.72%

Taxable-Equivalent

Yield

(50.7%)

2

4.99%

3.53%

5.51%

1

The

SEC

Yield

for

Class

A

shares

quoted

in

the

table

reflects

the

maximum

sales

load.

Investors

paying

a

reduced

load

because

of

volume

discounts,

investors

paying

no

load

because

they

qualify

for

one

of

the

several

exclusions

from

the

load

and

existing

shareholders

who

previously

paid

a

load

but

would

like

to

know

the

SEC

Yield

applicable

to

their

shares

on

a

going-forward

basis,

should

understand

the

SEC

Yield

effectively

applicable

to

them

would

be

higher

than

the

figure

quoted

in

the

table.

2

The

Taxable-Equivalent

Yield

is

based

on

the

Fund's

SEC

30-Day

Yield

on

the

indicated

date

and

a

combined

federal

and

state

income

tax

rate

shown

in

the

respective

table

above.

26

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

include

the

interest

and

related

expenses

from

inverse

floaters

that

are

reflected

in

the

financial

statements

later

within

this

report,

when

applicable.

The

Examples

below

are

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

period

ended

May

31,

2023.

The

beginning

of

the

period

is

December

1,

2022.

The

information

under

“Actual

Performance,”

together

with

the

amount

you

invested,

allows

you

to

estimate

actual

expenses

incurred

over

the

reporting

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.60)

and

multiply

the

result

by

the

cost

shown

for

your

share

class,

in

the

row

entitled

“Expenses

Incurred

During

Period”

to

estimate

the

expenses

incurred

on

your

account

during

this

period.

The

information

under

“Hypothetical

Performance,”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

each

Fund’s

actual

expense

ratios

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expense

you

incurred

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

following

tables

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs.

Therefore,

the

hypothetical

information

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds

or

share

classes.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Nuveen

Minnesota

Intermediate

Municipal

Bond

Fund

Share

Class

Class

A

Class

C

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,013.25

$1,009.27

$1,014.24

Expenses

Incurred

During

the

Period

$4.12

$8.12

$3.11

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,020.84

$1,016.85

$1,021.84

Expenses

Incurred

During

the

Period

$4.13

$8.15

$3.13

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.82%,

1.62%

and

0.62%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182

/365

(to

reflect

the

one-half

year

period).

Nuveen

Minnesota

Municipal

Bond

Fund

Share

Class

Class

A

Class

C

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,015.81

$1,011.87

$1,016.87

Expenses

Incurred

During

the

Period

$4.02

$8.03

$3.02

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,020.94

$1,016.95

$1,021.94

Expenses

Incurred

During

the

Period

$4.03

$8.05

$3.02

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.80%,

1.60%

and

0.60%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182

/365

(to

reflect

the

one-half

year

period).

27

Nuveen

Nebraska

Municipal

Bond

Fund

Share

Class

Class

A

Class

C

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,012.45

$1,009.59

$1,014.51

Expenses

Incurred

During

the

Period

$4.11

$8.12

$3.14

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,020.84

$1,016.85

$1,021.82

Expenses

Incurred

During

the

Period

$4.13

$8.15

$3.15

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.82%,

1.62%

and

0.62%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182

/365

(to

reflect

the

one-half

year

period).

Nuveen

Oregon

Intermediate

Municipal

Bond

Fund

Share

Class

Class

A

Class

C

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,011.35

$1,008.46

$1,012.26

Expenses

Incurred

During

the

Period

$4.26

$8.26

$3.26

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,020.69

$1,016.70

$1,021.69

Expenses

Incurred

During

the

Period

$4.28

$8.30

$3.28

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.85%,

1.65%

and

0.65%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182

/365

(to

reflect

the

one-half

year

period).

28

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Board

of

Directors

of

Nuveen

Investment

Funds,

Inc.

and

Shareholders

of

Nuveen

Minnesota

Intermediate

Municipal

Bond

Fund,

Nuveen

Minnesota

Municipal

Bond

Fund,

Nuveen

Nebraska

Municipal

Bond

Fund

and

Nuveen

Oregon

Intermediate

Municipal

Bond

Fund

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

portfolios

of

investments,

of

Nuveen

Minnesota

Intermediate

Municipal

Bond

Fund,

Nuveen

Minnesota

Municipal

Bond

Fund,

Nuveen

Nebraska

Municipal

Bond

Fund

and

Nuveen

Oregon

Intermediate

Municipal

Bond

Fund

(four

of

the

funds

constituting

Nuveen

Investment

Funds,

Inc.,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

May

31,

2023,

the

related

statements

of

operations

for

the

year

ended

May

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

May

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

May

31,

2023

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

May

31,

2023,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

May

31,

2023

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

May

31,

2023

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

May

31,

2023

by

correspondence

with

the

custodian

and

broker.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/

PricewaterhouseCoopers

LLP

Chicago,

Illinois

July

26,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Nuveen

Funds

since

2002.

29

Nuveen

Minnesota

Intermediate

Municipal

Bond

Fund

Portfolio

of

Investments

May

31,

2023

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

LONG-TERM

INVESTMENTS

-

99.2%   

X

336,874,296

MUNICIPAL

BONDS

-

99.2%  

X

336,874,296

Education

and

Civic

Organizations

-

18.1%

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+

$

423,602

720

3.500%,

8/01/25

No

Opt.

Call

BB+

693,367

130

4.000%,

8/01/28

8/26

at

100.00

BB+

122,052

1,160

Brooklyn

Center,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Tesfa

International

dba

Twin

Lakes

STEM

Academy

Project,

Series

2021A,

5.000%,

6/15/37

6/29

at

100.00

N/R

917,699

1,000

City

of

Ham

Lake,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

DaVinci

Academy

Project,

Series

2016A,

5.000%,

7/01/36

7/24

at

102.00

N/R

969,150

100

City

of

Ham

Lake,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

DaVinci

Academy

Project,Series

2016A,

5.000%,

7/01/31

7/24

at

102.00

N/R

99,930

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+

190,736

710

5.250%,

7/01/37

7/25

at

100.00

BB+

710,518

Deephaven,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Eagle

Ridge

Academy

Project,

Series

2016A:

465

4.000%,

7/01/23

No

Opt.

Call

BB+

464,758

300

4.000%,

7/01/24

No

Opt.

Call

BB+

297,927

135

4.000%,

7/01/25

No

Opt.

Call

BB+

132,646

195

4.000%,

7/01/26

7/25

at

100.00

BB+

190,084

300

4.000%,

7/01/27

7/25

at

100.00

BB+

289,896

370

4.000%,

7/01/28

7/25

at

100.00

BB+

354,367

230

Deephaven,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Seven

Hills

Preparatory

Academy

Project,

Series

2017A,

4.375%,

10/01/27

10/24

at

100.00

N/R

221,246

645

Forest

Lake,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Lakes

International

Language

Academy,

Series

2014A,

5.500%,

8/01/36

7/23

at

102.00

BB+

649,786

Greenwood,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Main

Street

School

of

Performing

Arts

Project,

Series

2016A:

660

4.500%,

7/01/26

No

Opt.

Call

N/R

636,801

40

5.000%,

7/01/36

7/26

at

100.00

N/R

36,138

1,485

Ham

Lake,

Minnesota

Charter

School

Lease

Revenue

Bonds,

Parnassus

Preparatory

School

Project,

Series

2016A,

4.000%,

11/01/26

No

Opt.

Call

BB+

1,433,901

975

Hugo,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Noble

Academy

Project,

Series

2014A,

5.000%,

7/01/44

7/24

at

100.00

BB

890,711

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

945,930

500

5.000%,

7/01/36

7/26

at

100.00

N/R

467,135

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

1,412,292

1,380

Minneapolis,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Yinghua

Academy

Project,

Series

2013A,

6.000%,

7/01/33

7/23

at

100.00

BB+

1,380,800

1,040

Minneapolis,

Minnesota,

Revenue

Bonds,

University

Gateway

Project,

Refunding

Series

2015,

4.000%,

12/01/28

12/24

at

100.00

Aa1

1,053,780

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

Bethel

University,

Refunding

Series

2017:

2,800

5.000%,

5/01/32

5/27

at

100.00

BB+

2,815,680

655

5.000%,

5/01/37

5/27

at

100.00

BB+

631,420

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

1,642,880

Nuveen

Minnesota

Intermediate

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

May

31,

2023

30

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Education

and

Civic

Organizations

(continued)

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

College

of

Saint

Scholastica,

Inc.,

Refunding

Series

2019:

$

140

3.000%,

12/01/23

No

Opt.

Call

Baa2

$

138,801

105

4.000%,

12/01/24

No

Opt.

Call

Baa2

104,007

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

Gustavus

Adolfus

College,

Series

2013-7W:

500

5.000%,

10/01/23

No

Opt.

Call

A3

502,175

1,000

4.250%,

10/01/28

10/23

at

100.00

A3

1,002,890

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

Macalester

College,

Refunidng

Series

2021:

100

4.000%,

3/01/29

No

Opt.

Call

Aa3

105,330

150

4.000%,

3/01/30

No

Opt.

Call

Aa3

159,213

160

4.000%,

3/01/31

No

Opt.

Call

Aa3

171,346

140

4.000%,

3/01/32

3/31

at

100.00

Aa3

148,586

1,250

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

Macalester

College,

Series

201528J,

3.250%,

3/01/29

3/25

at

100.00

Aa3

1,253,363

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

1,308,124

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

Saint

John's

University,

Refunding

Series

2021:

500

4.000%,

10/01/32

10/30

at

100.00

A2

514,490

200

4.000%,

10/01/34

10/30

at

100.00

A2

203,656

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

672,154

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

1,037,310

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

Saint

Olaf

College,

Series

2021:

1,000

3.000%,

10/01/38

10/30

at

100.00

A1

837,820

500

4.000%,

10/01/50

10/30

at

100.00

A1

464,290

825

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

University

of

Saint

Thomas,

Green

Series

2022A,

4.000%,

10/01/38

10/30

at

100.00

A2

809,259

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

University

of

Saint

Thomas,

Series

2013-7U:

2,000

4.000%,

4/01/25

6/23

at

100.00

A2

2,000,500

775

4.000%,

4/01/26

6/23

at

100.00

A2

775,256

300

4.000%,

4/01/27

6/23

at

100.00

A2

300,117

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

763,042

525

4.000%,

10/01/35

10/27

at

100.00

A2

530,838

850

4.000%,

10/01/36

10/27

at

100.00

A2

852,550

1,250

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

University

of

Saint

Thomas,

Series

2019,

5.000%,

10/01/34

10/29

at

100.00

A2

1,362,088

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

University

of

Saint

Thomas,

Series

2022B:

1,000

4.125%,

10/01/41

10/30

at

100.00

A2

973,130

1,000

5.000%,

10/01/47

10/30

at

100.00

A2

1,044,940

450

Minnesota

Office

of

Higher

Education,

Supplemental

Student

Loan

Program

Revenue

Bonds,

2020

Senior

Series,

5.000%,

11/01/26,

(AMT)

No

Opt.

Call

AA

464,693

705

Minnesota

Office

of

Higher

Education,

Supplemental

Student

Loan

Program

Revenue

Bonds,

Senior

Series

2018,

5.000%,

11/01/26,

(AMT)

No

Opt.

Call

AA

727,567

1,185

Minnesota

State

Colleges

and

University,

General

Fund

Revenue

Bonds,

Series

2015A,

3.000%,

10/01/26

4/25

at

100.00

AA-

1,179,644

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

980,461

1,060

4.000%,

12/01/32

12/25

at

100.00

Baa1

1,058,431

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-

889,316

31

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Education

and

Civic

Organizations

(continued)

$

70

Saint

Cloud,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Stride

Academy

Project,

Series

2016A,

5.000%,

4/01/36

4/26

at

100.00

N/R

$

57,695

710

Saint

Paul

Housing

&

Redevelopment

Authority,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Great

River

School

Project,

Series

2017A,

5.500%,

7/01/38,

144A

7/27

at

100.00

N/R

713,820

3,005

Saint

Paul

Housing

&

Redevelopment

Authority,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Hmong

College

Prep

Academy

Project,

Series

2016A,

5.250%,

9/01/31

9/26

at

100.00

BB+

3,035,982

200

Saint

Paul

Housing

&

Redevelopment

Authority,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Metro

Deaf

School

Project,

Series

2018A,

5.000%,

6/15/38,

144A

6/25

at

100.00

N/R

190,640

325

Saint

Paul

Housing

&

Redevelopment

Authority,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Nova

Classical

Academy,

Series

2016A,

4.000%,

9/01/31

9/24

at

102.00

BB+

297,453

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

843,272

Saint

Paul

Housing

&

Redevelopment

Authority,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Twin

Cities

German

Immersion

School,

Series

2013A:

55

4.000%,

7/01/23

No

Opt.

Call

BB

54,943

700

5.000%,

7/01/33

7/23

at

100.00

BB

699,951

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

7/23

at

100.00

BB

246,272

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

2,597,789

University

of

Minnesota,

General

Obligation

Bonds,

Series

2014B:

1,000

4.000%,

1/01/31

1/24

at

100.00

Aa1

1,004,950

1,000

4.000%,

1/01/32

1/24

at

100.00

Aa1

1,004,900

1,000

4.000%,

1/01/34

1/24

at

100.00

Aa1

1,003,670

5,000

University

of

Minnesota,

General

Obligation

Bonds,

Series

2019A,

5.000%,

4/01/44

4/29

at

100.00

Aa1

5,360,850

Winona

Port

Authority,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Bluffview

Montessori

School

Project,

Refunding

Series

2016:

90

3.750%,

6/01/26

6/24

at

100.00

N/R

85,297

10

4.500%,

6/01/36

6/24

at

100.00

N/R

8,411

690

Woodbury,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Woodbury

Leadership

Academy,

Series

2021A,

4.000%,

7/01/31

7/28

at

103.00

BB-

629,929

Total

Education

and

Civic

Organizations

61,246,443

Health

Care

-

16.8%

3,370

Chippewa

County,

Minnesota,

Gross

Revenue

Hospital

Bonds,

Montevideo

Hospital

Project,

Refunding

Series

2016,

4.000%,

3/01/29

3/26

at

100.00

N/R

3,357,801

City

of

Plato,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Glencoe

Regional

Health

Services

Project,

Series

2017:

1,140

4.000%,

4/01/29

4/27

at

100.00

BBB

1,122,216

1,040

4.000%,

4/01/32

4/27

at

100.00

BBB

1,014,957

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

952,913

Duluth

Economic

Development

Authority,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Essentia

Health

Obligated

Group,

Series

2018A:

1,045

5.000%,

2/15/33

2/28

at

100.00

A-

1,101,179

120

4.250%,

2/15/38

2/28

at

100.00

A-

118,197

675

Duluth

Economic

Development

Authority,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Saint

Luke's

Hospital

of

Duluth

Obligated

Group,

Series

2021A,

4.000%,

6/15/37

6/31

at

100.00

BBB-

616,653

Nuveen

Minnesota

Intermediate

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

May

31,

2023

32

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Health

Care

(continued)

$

240

Duluth

Economic

Development

Authority,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Saint

Luke's

Hospital

of

Duluth

Obligated

Group,

Series

2022A,  Forward

Delivery,

4.000%,

6/15/35

6/32

at

100.00

BBB-

$

228,038

1,400

Duluth

Economic

Development

Authority,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Saint

Luke's

Hospital

of

Duluth

Obligated

Group,

Series

2022B,

5.250%,

6/15/42

6/32

at

100.00

BBB-

1,429,302

Glencoe,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Glencoe

Regional

Health

Services

Project,

Series

2013:

660

4.000%,

4/01/25

7/23

at

100.00

BBB

650,826

400

4.000%,

4/01/26

7/23

at

100.00

BBB

393,448

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

2,049,580

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

515,345

405

5.000%,

5/01/32

5/27

at

100.00

Baa1

419,944

Minneapolis,

Minnesota,

Health

Care

System

Revenue

Bonds,

Allina

Health

System,

Series

2021:

470

4.000%,

11/15/37

11/31

at

100.00

AA-

461,192

1,500

4.000%,

11/15/38

11/31

at

100.00

AA-

1,464,585

3,000

4.000%,

11/15/39

11/31

at

100.00

AA-

2,906,250

595

Minneapolis,

Minnesota,

Health

Care

System

Revenue

Bonds,

Allina

Health

System,

Series

2023A,

5.000%,

11/15/52,

(Mandatory

Put

11/15/28)

5/28

at

100.91

AA-

639,232

Minneapolis,

Minnesota,

Health

Care

System

Revenue

Bonds,

Fairview

Health

Services,

Series

2015A:

1,190

5.000%,

11/15/28

11/25

at

100.00

BBB+

1,221,142

1,100

5.000%,

11/15/29

11/25

at

100.00

BBB+

1,130,008

1,000

5.000%,

11/15/30

11/25

at

100.00

BBB+

1,027,600

2,000

5.000%,

11/15/32

11/25

at

100.00

BBB+

2,054,320

Minneapolis,

Minnesota,

Health

Care

System

Revenue

Bonds,

Fairview

Health

Services,

Series

2018A:

2,390

5.000%,

11/15/35

11/28

at

100.00

BBB+

2,516,264

3,100

5.000%,

11/15/36

11/28

at

100.00

BBB+

3,244,584

Rochester,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Mayo

Clinic,

Refunding

Series

2016B:

2,060

5.000%,

11/15/29

No

Opt.

Call

AA

2,324,092

1,000

5.000%,

11/15/33

No

Opt.

Call

AA

1,182,700

1,300

Rochester,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Mayo

Clinic,

Series

2022,

4.000%,

11/15/39

11/32

at

100.00

AA

1,330,212

1,575

Saint

Cloud,

Minnesota,

Health

Care

Revenue

Bonds,

CentraCare

Health

System,

Series

2019,

5.000%,

5/01/48

5/29

at

100.00

AA-

1,611,257

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

3,324,652

1,550

5.000%,

7/01/30

7/25

at

100.00

A

1,596,795

1,000

5.000%,

7/01/32

7/25

at

100.00

A

1,028,320

3,420

5.000%,

7/01/33

7/25

at

100.00

A

3,515,828

1,000

4.000%,

7/01/35

7/25

at

100.00

A

1,001,610

Saint

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Health

Care

Revenue

Bonds,

Fairview

Health

Services,

Series

2017A:

1,560

5.000%,

11/15/26

No

Opt.

Call

BBB+

1,615,817

1,000

5.000%,

11/15/28

11/27

at

100.00

BBB+

1,044,940

1,000

5.000%,

11/15/34

11/27

at

100.00

BBB+

1,043,380

1,745

4.000%,

11/15/35

11/27

at

100.00

BBB+

1,697,483

625

4.000%,

11/15/36

11/27

at

100.00

BBB+

593,219

1,305

4.000%,

11/15/37

11/27

at

100.00

BBB+

1,222,472

33

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Health

Care

(continued)

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

$

1,216,908

1,140

5.000%,

9/01/29

9/24

at

100.00

A

1,156,051

Total

Health

Care

57,141,312

Housing/Multifamily

-

0.2%

500

Anoka

Housing

and

Redevelopment

Authority,

Minnesota,

Multifamily

Housing

Revenue

Bonds,

Woodland

Park

Apartments

Project,

Series

2011A,

5.000%,

4/01/27

7/23

at

100.00

Aaa

500,580

Total

Housing/Multifamily

500,580

Housing/Single

Family

-

0.4%

105

Dakota

County

Community

Development

Agency,

Minnesota,

Single

Family

Mortgage

Revenue

Bonds,

Mortgage

Backed

Securities

Program,

Series

2011A,

4.400%,

12/01/26

6/23

at

100.00

AA+

105,039

120

Minnesota

Housing

Finance

Agency,

Residential

Housing

Finance

Bonds,

Series

2014C,

3.100%,

7/01/26

7/24

at

100.00

AA+

119,881

260

Minnesota

Housing

Finance

Agency,

Residential

Housing

Finance

Bonds,

Series

2020A,

1.350%,

7/01/23,

(AMT)

No

Opt.

Call

AA+

259,428

Minnesota

Housing

Finance

Agency,

Residential

Housing

Finance

Bonds,

Series

2020E:

670

1.850%,

1/01/29

No

Opt.

Call

AA+

601,647

400

1.900%,

7/01/29

No

Opt.

Call

AA+

357,636

Total

Housing/Single

Family

1,443,631

Industrials

-

0.3%

1,000

Minneapolis,

Minnesota,

Limited

Tax

Supported

Development

Revenue

Bonds,  Common

Bond

Fund

Series

2013-1,

4.000%,

6/01/28

12/23

at

100.00

A+

1,005,110

Total

Industrials

1,005,110

Long-Term

Care

-

9.9%

250

Anoka,

Minnesota,

Housing

Revenue

Bonds,

The

Homestead

at

Anoka,

Inc.

Project,

Refunding

Series

2017,

5.000%,

11/01/46

11/24

at

103.00

N/R

203,905

Apple

Valley,

Minnesota

Senior

Housing

Revenue

Bonds,

PHS

Apple

Valley

Senior

Housing,

Inc.

Orchard

Path

Phase

II

Project,

Series

2021:

225

4.000%,

9/01/26

No

Opt.

Call

N/R

221,623

240

4.000%,

9/01/28

No

Opt.

Call

N/R

231,710

270

4.000%,

9/01/31

9/28

at

102.00

N/R

247,622

465

4.000%,

9/01/36

9/28

at

102.00

N/R

404,327

440

4.000%,

9/01/41

9/28

at

102.00

N/R

362,780

1,000

Apple

Valley,

Minnesota,

Senior

Housing

Revenue

Bonds,

PHS

Apple

Valley

Senior

Housing,

Inc.

Orchard

Path

Project,

Refunding

Series

2018,

4.250%,

9/01/38

9/23

at

102.00

N/R

901,730

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

1,013,160

Chatfield,

Minnesota,

Healthcare

and

Housing

Facilities

Revenue

Bonds,

Chosen

Valley

Care

Center

Project,

Refunding

Series

2019:

100

4.000%,

9/01/29

9/26

at

102.00

N/R

90,378

100

4.000%,

9/01/30

9/26

at

102.00

N/R

88,161

100

4.000%,

9/01/31

9/26

at

102.00

N/R

85,954

100

4.000%,

9/01/32

9/26

at

102.00

N/R

83,745

155

4.000%,

9/01/33

9/26

at

102.00

N/R

127,342

100

4.000%,

9/01/34

9/26

at

102.00

N/R

80,746

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

815,147

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

281,219

235

Cold

Spring,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Assumption

Home,

Inc.,

Refunding

Series

2017,

4.450%,

3/01/31

7/23

at

100.00

N/R

204,845

Nuveen

Minnesota

Intermediate

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

May

31,

2023

34

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Long-Term

Care

(continued)

$

200

Cold

Spring,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Assumption

Home,

Inc.,

Refunding

Series

2018,

4.500%,

9/01/33

9/23

at

100.00

N/R

$

167,868

Columbus,

Minnesota,

Senior

Housing

Revenue

Bonds,

Richfield

Senior

Housing,

Inc.,

Refunding

Series

2015:

1,000

4.600%,

1/01/27

7/23

at

100.00

N/R

932,560

500

5.000%,

1/01/34

7/23

at

100.00

N/R

424,425

1,000

Cuyuna

Range

Hospital

District,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Crosby

Senior

Service

Care

Center,

Series

2023,

5.500%,

5/01/43

5/30

at

101.00

N/R

1,009,520

Dakota

County

Community

Development

Agency,

Minnesota,

Senior

Housing

Revenue

Bonds,

Walker

Highview

Hills

LLC

Project,

Refunding

Series

2016A:

2,385

3.875%,

8/01/29,

144A

7/23

at

100.00

N/R

2,267,133

1,100

5.000%,

8/01/36,

144A

7/23

at

100.00

N/R

1,088,428

500

Dennison,

Minnesota,

Senior

Housing

Revenue

Bonds,

Villages

of

Lonsdale,

LLC

Project,

Series

2019,

4.200%,

5/01/35

5/24

at

101.00

N/R

413,645

1,435

Lake

Crystal,

Minnesota,

Housing

and

Health

Care

Revenue

Bonds,

Ecumen?Second

Century

&

Owatonna

Senior

Living

Project,

Refunding

Series

2014A,

4.500%,

9/01/44,

(Mandatory

Put

9/01/24)

7/23

at

100.00

N/R

1,403,014

200

Maple

Plain,

Minnesota

Senior

Housing

and

Healthcare

Revenue

Bonds,

Haven

Homes,

Inc.

Project,

Series

2019,

4.000%,

7/01/32

7/25

at

102.00

N/R

171,540

100

Mapleton,

Minnesota,

Healthcare

Facility

Revenue

Bonds,

Mapleton

Community

Home,

Refunding

Series

2019,

3.750%,

5/01/34

5/24

at

101.00

N/R

80,224

Minneapolis,

Minnesota,

Senior

Housing

and

Healthcare

Revenue

Bonds,

Ecumen

Abiitan

Mill

City

Project,  Series

2015:

425

4.750%,

11/01/28

7/23

at

100.00

N/R

403,359

750

5.250%,

11/01/45

7/23

at

100.00

N/R

656,077

Morris,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Farmington

Health

Services

Project,

Refunding

Series

2019:

95

2.900%,

8/01/23

No

Opt.

Call

N/R

94,572

100

3.100%,

8/01/25

8/24

at

101.00

N/R

94,635

380

North

Oaks,

Minnesota,

Senior

Housing

Revenue

Bonds,

Waverly

Gardens

Project,

Refunding

Series

2016,

4.000%,

10/01/24

No

Opt.

Call

N/R

379,008

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

742,520

805

4.000%,

8/01/27

8/25

at

100.00

N/R

763,993

2,000

4.000%,

8/01/30

8/25

at

100.00

N/R

1,803,260

405

Saint

Joseph,

Minnesota,

Senior

Housing

and

Healthcare

Revenue

Bonds,

Woodcrest

of

Country

Manor

Project,

Series

2019

A,

4.000%,

7/01/33

7/24

at

102.00

N/R

338,118

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

849,300

2,565

Saint

Paul

Housing

and

Redevelopment

Authority

Minnesota,

Senior

Housing

and

Health

Care

Revenue

Bonds,

Episcopal

Homes

Project,

Series

2013,

5.000%,

5/01/33

7/23

at

100.00

N/R

2,386,143

Saint

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Revenue

Bonds,

Amherst

H.

Wilder

Foundation

Project,

Refunding

Series

2020A:

500

5.000%,

12/01/25

No

Opt.

Call

Baa2

505,370

1,015

5.000%,

12/01/26

No

Opt.

Call

Baa2

1,028,296

Saint

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Senior

Housing

and

Health

Care

Revenue

Bonds,

Episcopal

Church

Homes

Project,

Refunding

Senior

Series

2021A:

160

3.100%,

11/01/31,

144A

11/26

at

102.00

N/R

135,163

625

3.150%,

11/01/32,

144A

11/26

at

102.00

N/R

519,325

35

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Long-Term

Care

(continued)

Saint

Paul

Park,

Minnesota,

Senior

Housing

and

Health

Care

Revenue

Bonds,

Presbyterian

Homes

Bloomington

Project,

Refunding

Series

2017:

$

500

3.250%,

9/01/26

9/24

at

100.00

N/R

$

479,535

550

3.700%,

9/01/28

9/24

at

100.00

N/R

525,146

350

3.800%,

9/01/29

9/24

at

100.00

N/R

333,277

565

3.900%,

9/01/30

9/24

at

100.00

N/R

537,473

320

4.125%,

9/01/34

9/24

at

100.00

N/R

301,373

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

1,553,478

2,395

Sauk

Rapids,

Minnesota,

Health

Care

and

Housing

Facilities

Revenue

Bonds,

Good

Shepherd

Luthran

Home,

Refunding

Series

2013,

5.125%,

1/01/39

7/23

at

100.00

N/R

2,006,962

Scanlon,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Duluth

Health

Services

Project,

Refunding

Series

2020:

120

2.700%,

3/01/26

3/25

at

101.00

N/R

111,882

335

2.950%,

3/01/28

3/25

at

101.00

N/R

299,972

Wayzata,

Minnesota

Senior

Housing

Revenue

Bonds,

Folkestone

Senior

Living

Community,

Refunding

Series

2019:

175

3.000%,

8/01/27

8/24

at

102.00

N/R

165,317

300

3.125%,

8/01/28

8/24

at

102.00

N/R

280,905

300

3.250%,

8/01/29

8/24

at

102.00

N/R

278,922

225

3.375%,

8/01/30

8/24

at

102.00

N/R

208,069

600

5.000%,

8/01/31

8/24

at

102.00

N/R

605,718

450

5.000%,

8/01/32

8/24

at

102.00

N/R

453,632

250

5.000%,

8/01/33

8/24

at

102.00

N/R

251,652

555

5.000%,

8/01/34

8/24

at

102.00

N/R

557,536

250

5.000%,

8/01/35

8/24

at

102.00

N/R

250,563

500

4.000%,

8/01/44

8/24

at

102.00

N/R

406,855

Total

Long-Term

Care

33,710,157

Tax

Obligation/General

-

29.3%

2,000

Alexandria

Independent

School

District

206,

Douglas

County,

Minnesota,

General

Obligation

Bonds,

Refunding

School

Building

Series

2017A,

5.000%,

2/01/30

2/28

at

100.00

Aa1

2,199,400

1,475

Anoka-Hennepin

Independent

School

District

11,

Coon

Rapids,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2020A,

3.000%,

2/01/34

2/28

at

100.00

AAA

1,408,168

1,405

Benson

Independent

School

District

777,

Minnesota,

General

Olibation

Bonds,

School

Building

Series

2018A,

4.000%,

2/01/32

2/27

at

100.00

AAA

1,467,874

Brainerd

Independent

School

District

181,

Crow

Wing

County,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2018A:

3,280

4.000%,

2/01/30

2/27

at

100.00

AAA

3,403,394

1,000

4.000%,

2/01/33

2/27

at

100.00

AAA

1,037,200

Brooklyn

Center

Independent

School

District

286,

Minnesota,

General

Obligation

Bonds,

Series

2018A:

2,145

4.000%,

2/01/35

2/27

at

100.00

Aa1

2,192,447

1,720

4.000%,

2/01/37

2/27

at

100.00

Aa1

1,746,471

2,000

Buffalo,

Minnesota,

Water

and

Sewer

Revenue

Bonds,

Refunding

Series

2014A,

4.000%,

11/01/28

-

BAM

Insured

11/23

at

100.00

AA

2,008,100

1,000

Cloquet

Independent

School

District

94,

Carlton

and

Sant

Louis

Counties,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2015B,

4.000%,

2/01/36

2/25

at

100.00

Aa1

1,008,720

1,055

Dawson-Boyd

Independent

School

District

378,

Yellow

Medicine

County,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2019A,

4.000%,

2/01/30

2/28

at

100.00

AAA

1,110,482

1,250

Detroit

Lakes

Independent

School

District

22,

Becker

and

Otter

Tail

Counties,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2019A,

4.000%,

2/01/30

2/27

at

100.00

AAA

1,313,925

Nuveen

Minnesota

Intermediate

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

May

31,

2023

36

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/General

(continued)

Dover-Eyota

Independent

School

District

533,

Minnesota,

General

Obligation

Bonds,

School

Building  

Facilities

Maintenance

Series

2023A:

$

1,515

4.000%,

2/01/42

2/31

at

100.00

AAA

$

1,513,061

1,450

4.000%,

2/01/45

2/31

at

100.00

AAA

1,429,569

1,270

Duluth

Independent

School

District

709,

Saint

Louis

County,

Minnesota,

General

Obligation

Bonds,

Capital

Appreciation

Series

2021C,

0.000%,

2/01/30

2/28

at

96.61

Aa1

986,358

3,150

Elk

River

Independent

School

District

728,

Minnesota,

General

Obligation

Bonds,

Facilities

Maintenance

Series

2019A,

4.000%,

2/01/31

2/27

at

100.00

Aa1

3,290,837

1,530

Eveleth-Gilbert

Public

Schools

Independent

School

District

2154,

Saint

Louis

County,

Minnesota,

General

Obligation

Bonds,

Series

2019A,

4.000%,

2/01/32

2/28

at

100.00

AAA

1,610,539

2,460

Forest

Lake,

Washington

County,

Minnesota,

General

Obligation

Bonds,

Series

2019A,

4.000%,

2/01/32

2/29

at

100.00

AA+

2,615,152

Fridley

Independent

School

District

14,

Anoka

County,

Minnesota,

General

Obligation

Bonds,

Alternative

Facility,

Series

2016B:

2,620

5.000%,

2/01/27

2/26

at

100.00

Aa1

2,747,384

1,075

4.000%,

2/01/28

2/26

at

100.00

Aa1

1,102,950

1,485

Goodhue

Independent

School

District

253,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2019A,

4.000%,

2/01/30

2/28

at

100.00

AAA

1,563,096

Greenway

Independent

School

District

316,

Itasca

County,

Minnesota,

General

Obligation

Bonds,

Facilities

Maintenance

Series

2019F:

1,265

0.000%,

2/01/27

2/26

at

97.95

AAA

1,117,640

1,345

0.000%,

2/01/28

2/26

at

95.70

AAA

1,151,643

5,295

Hennepin

County,

Minnesota,

General

Obligation

Bonds,

Series

2021A,

5.000%,

12/01/33

12/31

at

100.00

AAA

6,219,772

500

Independent

School

District

621,

Mounds

View,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2018A,

4.000%,

2/01/42

2/27

at

100.00

AAA

503,715

1,555

Independent

School

District

No.

2397

(Le

Sueur-Henderson),

Minnesota,

General

Obligation

School

Building

Bonds,

Series

2022A,

5.000%,

2/01/35

2/31

at

100.00

AAA

1,780,848

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

2,696,309

580

Minneapolis

Special

School

District

1,

Hennepin

County,

Minnesota,

General

Obligation

Bonds,

Long-Term

Facilities

Maintenance

Series

2019B,

4.000%,

2/01/34

2/29

at

100.00

AAA

601,779

Minneapolis,

Minnesota,

General

Obligation

Bonds,

Improvement

&

Various

Purpose

Series

2018:

1,480

4.000%,

12/01/33

12/26

at

100.00

AAA

1,536,906

500

4.000%,

12/01/35

12/26

at

100.00

AAA

515,315

2,000

Minnesota

State,

General

Obligation

Bonds,

Various

Purpose

Series

2013A,

5.000%,

8/01/25

8/23

at

100.00

AAA

2,005,680

2,000

Minnesota

State,

General

Obligation

Bonds,

Various

Purpose

Series

2013D,

3.500%,

10/01/28

10/23

at

100.00

AAA

2,001,500

5,100

Minnesota

State,

General

Obligation

Bonds,

Various

Purpose

Series

2021A,

4.000%,

9/01/38

9/31

at

100.00

AAA

5,244,483

500

Montgomery

Independent

School

District

2905,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2018A,

4.000%,

2/01/34

2/25

at

100.00

Aa1

505,155

1,475

Moose

Lake

Independent

School

District

97,

Carlton

and

Pine

Counties,

Minnesota,

General

Obligation

Bonds,

School

Buidling

Series

2015A,

4.000%,

2/01/30

2/25

at

100.00

Aa1

1,500,208

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

2,138,744

850

North

Saint

Paul-Maplewood-Oakdale

Independent

School

District

622,

Ramsey

County,

Minnesota,

General

Obligation

Bonds,

Facilities

Maintenance

Series

2018A,

3.375%,

2/01/35

2/27

at

100.00

Aa1

833,128

37

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/General

(continued)

Northland

Independent

School

District

118,

Minnesota,

General

Obligation

Bonds,

Series

2016A:

$

560

3.000%,

2/01/27

2/24

at

100.00

Aa1

$

556,926

1,185

3.000%,

2/01/29

2/24

at

100.00

Aa1

1,185,533

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

1,559,310

1,035

Perham

Dent

Independent

School

District

549,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2016A,

3.000%,

2/01/30

2/24

at

100.00

Aa1

1,035,994

880

Plainview-Elgin-Millville

Independent

School

District

2899,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2019A,

4.000%,

2/01/32

2/28

at

100.00

AAA

926,323

2,665

Ramsey

County,

Minnesota,

General

Obligation

Bonds,

Capital

Improvement

Plan,

Series

2023B,

4.000%,

2/01/41

2/32

at

100.00

AAA

2,676,779

1,250

Robbinsdale

Independent

School

District

281,

Hennepin

County,

Minnesota,

General

Obligation

Bonds,

Facilities

Maintenance

Series

2018A,

3.000%,

2/01/30

8/26

at

100.00

Aa1

1,251,875

1,035

Roseville

Independent

School

District

623,

Ramsey

County,

Minnesota,

General

Obligation

Bonds,

School

Building

Refunding

Series

2019A,

5.000%,

2/01/24

No

Opt.

Call

Aa1

1,045,257

4,535

Roseville

Independent

School

District

623,

Ramsey

County,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2018A,

4.000%,

2/01/34

2/27

at

100.00

Aa1

4,679,168

1,020

Round

Lake-Brewster

Independent

School

District

2907,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2023A,

5.000%,

2/01/39

2/32

at

100.00

AAA

1,125,733

1,100

Saint

Cloud

Independent

School

District

742,

Stearns

County,

Minnesota,

General

Obligation

Bonds,

Series

2015A,

4.000%,

2/01/30

2/25

at

100.00

Aa1

1,118,975

575

Saint

Francis

Independent

School

District

15,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2018A,

4.000%,

2/01/34

7/23

at

100.00

Aa1

575,391

1,075

Saint

Louis

Park

Independent

School

District

283,

Hennepin

County,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2022A,

5.000%,

2/01/37

2/31

at

100.00

Aa1

1,204,505

1,225

Saint

Michael

Independent

School

District

885,

Wright

County,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2017A,

3.200%,

2/01/32

2/26

at

100.00

Aa1

1,229,704

1,700

Sartell,

Minnesota,

General

Obligation

Bonds,

Series

2022A,

4.000%,

2/01/39

2/30

at

100.00

AA

1,701,530

1,240

South

Washington

County

Independent

School

District

833,

Minnesota,

General

Obligation

Bonds,

Alternate

Facilities

Series

2014A,

3.500%,

2/01/27

2/24

at

100.00

Aa1

1,241,984

1,330

South

Washington

County

Independent

School

District

833,

Minnesota,

General

Obligation

Bonds,

Facilities

Maintenance

Series

2018A,

4.000%,

2/01/31

2/27

at

100.00

Aa1

1,366,761

2,000

South

Washington

County

Independent

School

District

833,

Minnesota,

General

Obligation

Bonds,

Facilities

Maintenance

Series

2022A,

4.000%,

2/01/35

2/30

at

100.00

Aa1

2,080,100

2,000

South

Washington

County

Independent

School

District

833,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2016A,

4.000%,

2/01/29

2/26

at

100.00

Aa1

2,046,280

915

Southland

Independent

School

District

500,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2019A,

4.000%,

2/01/31

2/27

at

100.00

AAA

948,141

2,000

Stillwater

Independent

School

District

834,

Washington

County,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2015A,

4.000%,

2/01/28

2/24

at

100.00

Aa1

2,012,900

2,415

Watertown-Mayer

Independent

School

District

111,

Carver,

Hennepin

and

Wright

Counties,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2020A,

0.000%,

2/01/31

2/28

at

94.63

AAA

1,820,862

Total

Tax

Obligation/General

99,497,983

Nuveen

Minnesota

Intermediate

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

May

31,

2023

38

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/Limited

-

10.4%

$

695

Duluth

Independent

School

District

709,

Minnesota,

Certificates

of

Participation,

Refunding

Full

Term

Series

2019B,

5.000%,

2/01/28

No

Opt.

Call

Aa1

$

747,660

55

Elbow

Lake

Economic

Development

Authority,

Minnesota,

Lease

Revenue

Bonds,

Grant

County

Public

Project,

Series

2017A,

4.000%,

12/15/37

12/27

at

100.00

N/R

49,050

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

1,461,607

1,000

Minneapolis

Special

School

District

1,

Hennepin

County,

Minnesota,

Certificates

of

Participation,

Full

Term

Series

2017C,

4.000%,

2/01/30

2/28

at

100.00

AAA

1,042,840

Minneapolis,

Minnesota,

Tax

Increment

Revenue

Bonds,

Grant

Park

Project,

Refunding

Series

2015:

495

3.650%,

3/01/24

7/23

at

100.00

N/R

491,827

200

3.800%,

3/01/25

7/23

at

100.00

N/R

197,388

200

4.000%,

3/01/27

7/23

at

100.00

N/R

197,704

500

Minneapolis,

Minnesota,

Tax

Increment

Revenue

Bonds,

Ivy

Tower

Project,

Series

2015,

5.000%,

3/01/29

3/24

at

100.00

N/R

500,500

165

Minneapolis,

Minnesota,

Tax

Increment

Revenue

Bonds,

Village

at

St.

Anthony

Falls

Project,

Refunding

Series

2015,

4.000%,

3/01/24

7/23

at

100.00

N/R

164,719

765

Minneapolis,

Minnesota,

Tax

Incriment

Revenue

Bonds,

Ivy

Tower

Project,

Series

2015,

4.000%,

3/01/25

3/24

at

100.00

N/R

757,840

1,170

Minnesota

Housing

Finance

Agency,

Housing

Infrastructure

State

Appropriation

Bonds,

Series

2015C,

4.000%,

8/01/27

8/24

at

100.00

AA+

1,183,034

960

Minnesota

Housing

Finance

Agency,

Housing

Infrastructure

State

Appropriation

Bonds,

Series

2018D,

4.000%,

8/01/34

8/28

at

100.00

AA+

985,613

770

Minnesota

Housing

Finance

Agency,

Housing

Infrastructure

State

Appropriation

Bonds,

Series

2019A,

4.000%,

8/01/32

8/29

at

100.00

AA+

800,030

3,105

Minnesota

Housing

Finance

Agency,

Housing

Infrastructure

State

Appropriation

Bonds,

Series

2020B,

4.000%,

8/01/32

8/30

at

100.00

AA+

3,263,821

1,810

Minnesota

Housing

Finance

Agency,

Housing

Infrastructure

State

Appropriation

Bonds,

Series

2020D,

4.000%,

8/01/31

8/30

at

100.00

AA+

1,898,437

205

Minnesota

Housing

Finance

Agency,

Housing

Infrastructure

State

Appropriation

Bonds,

Series

2021B,

3.000%,

8/01/37

8/31

at

100.00

AA+

186,427

Minnesota

Housing

Finance

Agency,

Housing

Infrastructure

State

Appropriation

Bonds,

Series

2021C:

1,085

5.000%,

8/01/33

8/31

at

100.00

AA+

1,234,123

3,295

4.000%,

8/01/39

8/31

at

100.00

AA+

3,276,943

2,385

4.000%,

8/01/40

8/31

at

100.00

AA+

2,357,358

1,900

Minnesota

Housing

Finance

Agency,

Housing

Infrastructure

State

Appropriation

Bonds,

Series

2022C,

5.000%,

8/01/41

8/32

at

100.00

AA+

2,073,622

1,185

Minnesota

Housing

Finance

Agency,

Nonprofit

Housing

Bonds,

State

Appropriation

Series

2011,

5.250%,

8/01/27

7/23

at

100.00

AA+

1,186,813

Northeast

Metropolitan

Intermediate

School

District

916,

White

Bear

Lake,

Minnesota,

Certificates

of

Particpation,

Series

2015B:

605

3.125%,

2/01/29

2/25

at

100.00

A1

598,448

350

3.250%,

2/01/30

2/25

at

100.00

A1

346,216

Plymouth

Intermediate

District

287,

Minnesota,

Facilities

Maintence

Bonds,

Series

2017B:

235

4.000%,

5/01/26

No

Opt.

Call

Aa3

240,626

175

4.000%,

5/01/27

No

Opt.

Call

Aa3

180,885

1,215

Roseville

Independent

School

District

623,

Ramsey

County,

Minnesota,

Certificates

of

Participation,

Series

2021A,

5.000%,

4/01/30

No

Opt.

Call

Baa1

1,296,235

Saint

Cloud

Independent

School

District

742,

Stearns

County,

Minnesota,

Certificates

of

Participation,

Saint

Cloud

Area

Public

Schools,

Series

2017A:

630

5.000%,

2/01/30

2/25

at

100.00

A1

645,164

725

4.000%,

2/01/38

2/25

at

100.00

A1

721,730

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

1,680,670

290

Saint

Paul

Independent

School

District

625,

Ramsey

County,

Minnesota,

Certificates

of

Participation,

Series

2020C,

3.000%,

2/01/36

2/28

at

100.00

AAA

265,956

735

Saint

Paul,

Minnesota,

Sales

Tax

Revenue

Bonds,

Series

2014G,

5.000%,

11/01/29

11/24

at

100.00

A+

750,214

39

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/Limited

(continued)

$

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

$

3,462,060

Zumbro

Education

District

6012,

Minnesota,

Certificates

of

Participation

Series

2021A:

375

4.000%,

2/01/26

No

Opt.

Call

Baa1

372,150

320

4.000%,

2/01/28

No

Opt.

Call

Baa1

318,029

330

4.000%,

2/01/30

No

Opt.

Call

Baa1

328,478

Total

Tax

Obligation/Limited

35,264,217

Transportation

-

6.8%

1,000

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2019A,

5.000%,

1/01/33

7/29

at

100.00

A+

1,098,730

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2019B:

3,000

5.000%,

1/01/27,

(AMT)

No

Opt.

Call

A+

3,109,350

1,735

5.000%,

1/01/30,

(AMT)

7/29

at

100.00

A+

1,859,608

1,000

5.000%,

1/01/32,

(AMT)

7/29

at

100.00

A+

1,072,060

895

5.000%,

1/01/33,

(AMT)

7/29

at

100.00

A+

958,822

2,920

5.000%,

1/01/44,

(AMT)

7/29

at

100.00

A+

3,006,957

1,580

5.000%,

1/01/49,

(AMT)

7/29

at

100.00

A+

1,616,514

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-

1,115,226

2,310

5.000%,

1/01/35

1/27

at

100.00

AA-

2,447,630

180

5.000%,

1/01/36

1/27

at

100.00

AA-

189,938

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Subordinate

Lien

Series

2022B:

1,000

5.000%,

1/01/32,

(AMT)

No

Opt.

Call

A+

1,096,610

2,325

5.000%,

1/01/33,

(AMT)

1/32

at

100.00

A+

2,549,014

855

5.000%,

1/01/35,

(AMT)

1/32

at

100.00

A+

930,556

2,000

5.250%,

1/01/47,

(AMT)

1/32

at

100.00

A+

2,103,040

Total

Transportation

23,154,055

U.S.

Guaranteed

-

2.4%

(4)

570

Rochester,

Minnesota,

Electric

Utility

Revenue

Bonds,

Refunding

Series

2013B,

5.000%,

12/01/33,

(Pre-refunded

12/01/23)

12/23

at

100.00

Aa3

574,623

Rochester,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Olmsted

Medical

Center

Project,

Series

2013:

940

3.000%,

7/01/25,

(Pre-refunded

7/01/23)

7/23

at

100.00

N/R

939,530

515

3.250%,

7/01/26,

(Pre-refunded

7/01/23)

7/23

at

100.00

N/R

514,840

St.

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Hospital

Revenue

Bonds,

HealthEast

Inc.,

Series

2015A:

1,100

5.000%,

11/15/29,

(Pre-refunded

11/15/25)

11/25

at

100.00

N/R

1,146,321

2,285

5.000%,

11/15/30,

(Pre-refunded

11/15/25)

11/25

at

100.00

N/R

2,381,221

Western

Minnesota

Municipal

Power

Agency,

Minnesota,

Power

Supply

Revenue

Bonds,

Series

2014A:

1,000

5.000%,

1/01/31,

(Pre-refunded

1/01/24)

1/24

at

100.00

Aa2

1,009,480

1,150

5.000%,

1/01/32,

(Pre-refunded

1/01/24)

1/24

at

100.00

Aa2

1,160,902

500

Worthington

Independent

School

District

518,

Nobles

County,

Minnesota,

Certificates

of

Participation,

Series

2017A,

4.000%,

2/01/30,

(Pre-

refunded

2/01/26)

2/26

at

100.00

A+

510,595

Total

U.S.

Guaranteed

8,237,512

Utilities

-

4.6%

Brainerd,

Minnesota,

Electric

Utility

Revenue

Bonds,

Series

2014A:

475

4.000%,

12/01/28

12/24

at

100.00

AA

481,850

495

4.000%,

12/01/29

12/24

at

100.00

AA

502,608

Nuveen

Minnesota

Intermediate

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

May

31,

2023

40

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Utilities

(continued)

$

175

Central

Minnesota

Municipal

Power

Agency,

Revenue

Bonds,

Brookings

-

Southeast

Twin

Cities

Transmission

Project,

Refunding

Series

2021,

4.000%,

1/01/33

-

AGM

Insured

1/30

at

100.00

AA

$

184,051

Hutchinson,

Minnesota,

Public

Utility

Revenue

Bonds,

Refunding

Series

2012A:

580

5.000%,

12/01/25

7/23

at

100.00

A1

580,708

670

5.000%,

12/01/26

7/23

at

100.00

A1

670,817

Luverne,

Minnesota,

Electric

Revenue

Bonds,

Series

2018A:

225

4.000%,

12/01/27

No

Opt.

Call

AA

232,272

100

4.000%,

12/01/33

12/28

at

100.00

AA

103,864

665

Minnesota

Municipal

Gas

Agency,

Commodity

Supply

Revenue

Bonds,

Series

2022A,

4.000%,

12/01/52,

(Mandatory

Put

12/01/27)

9/27

at

100.37

Aa1

670,007

Minnesota

Municipal

Power

Agency,

Electric

Revenue

Bonds,

Refunding

Series

2014:

500

5.000%,

10/01/29

10/24

at

100.00

Aa3

510,380

500

5.000%,

10/01/30

10/24

at

100.00

Aa3

510,250

1,000

Minnesota

Municipal

Power

Agency,

Electric

Revenue

Bonds,

Refunding

Series

2014A,

3.500%,

10/01/28

10/24

at

100.00

Aa3

1,003,630

1,430

Northern

Municipal

Power

Agency,

Minnesota,

Electric

System

Revenue

Bonds,

Series

2013A,

5.000%,

1/01/30

7/23

at

100.00

A-

1,431,444

750

Rochester,

Minnesota,

Electric

Utility

Revenue

Bonds,

Refunding

Series

2015E,

3.000%,

12/01/29

12/25

at

100.00

AA

751,808

1,000

Rochester,

Minnesota,

Electric

Utility

Revenue

Bonds,

Refunding

Series

2017A,

5.000%,

12/01/33

12/26

at

100.00

AA

1,057,150

1,070

Saint

Paul

Port

Authority,

Minnesota,

District

Energy

Revenue

Bonds,

Series

2017-4,

4.000%,

10/01/40,

(AMT)

10/27

at

100.00

A-

994,918

100

Saint

Paul

Port

Authority,

Minnesota,

District

Energy

Revenue

Bonds,

Series

2021-1.

501

C3,

3.000%,

10/01/27

No

Opt.

Call

A-

97,577

2,500

Southern

Minnesota

Municipal

Power

Agency

Power

Supply

System

Revenue

Bonds,

Series

2015A,

4.000%,

1/01/30

1/26

at

100.00

AA-

2,555,775

1,000

Southern

Minnesota

Municipal

Power

Agency,

Power

Supply

System

Revenue

Bonds,

Series

1994A,

0.000%,

1/01/26

-

NPFG

Insured

No

Opt.

Call

A+

908,680

Western

Minnesota

Municipal

Power

Agency,

Minnesota,

Power

Supply

Revenue

Bonds,

Refunding

Series

2015A:

1,335

5.000%,

1/01/31

1/26

at

100.00

Aa2

1,388,467

1,000

5.000%,

1/01/33

1/26

at

100.00

Aa2

1,037,040

Total

Utilities

15,673,296

Total

Municipal

Bonds

(cost

$344,510,407)

336,874,296

Total

Long-Term

Investments

(cost

$344,510,407)

336,874,296

Other

Assets

&

Liabilities,

Net

-

0.8%

2,564,101

Net

Assets

-

100%

$

339,438,397

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

Optional

Call

Provisions

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(3)

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

of

Standard

&

Poor’s

Group

(“Standard

&

Poor’s”),

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

or

Fitch,

Inc.

(“Fitch”)

rating.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Ratings

below

BBB

by

Standard

&

Poor’s,

Baa

by

Moody’s

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

Ratings

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(4)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

AMT

Alternative

Minimum

Tax

See

Notes

to

Financial

Statements.

41

Nuveen

Minnesota

Municipal

Bond

Fund

Portfolio

of

Investments

May

31,

2023

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

LONG-TERM

INVESTMENTS

-

97.8%   

X

529,936,999

MUNICIPAL

BONDS

-

97.8%  

X

529,936,999

Education

and

Civic

Organizations

-

16.7%

$

130

Baytown

Township,

Minnesota

Charter

School

Lease

Revenue

Bonds,

Saint

Croix

Preparatory

Academy,

Refunding

Series

2016A,

4.250%,

8/01/46

8/26

at

100.00

BB+

$

103,266

3,500

Brooklyn

Center,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Tesfa

International

dba

Twin

Lakes

STEM

Academy

Project,

Series

2021A,

5.250%,

6/15/56

6/29

at

100.00

N/R

2,493,785

100

City

of

Ham

Lake,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

DaVinci

Academy

Project,

Series

2016A,

5.000%,

7/01/36

7/24

at

102.00

N/R

96,915

2,000

City

of

Ham

Lake,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

DaVinci

Academy

Project,Series

2016A,

5.000%,

7/01/47

7/24

at

102.00

N/R

1,786,520

Deephaven,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Eagle

Ridge

Academy

Project,

Series

2015A:

675

5.250%,

7/01/37

7/25

at

100.00

BB+

675,493

500

5.500%,

7/01/50

7/25

at

100.00

BB+

499,275

1,025

Forest

Lake,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Lakes

International

Language

Academy,

Series

2014A,

5.750%,

8/01/44

7/23

at

102.00

BB+

1,029,817

1,000

Forest

Lake,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Lakes

International

Language

Academy,

Series

2019A,

5.375%,

8/01/50

8/27

at

102.00

BB+

957,940

100

Greenwood,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Main

Street

School

of

Performing

Arts

Project,

Series

2016A,

5.000%,

7/01/36

7/26

at

100.00

N/R

90,346

5,350

Ham

Lake,

Minnesota

Charter

School

Lease

Revenue

Bonds,

Parnassus

Preparatory

School

Project,

Series

2016A,

5.000%,

11/01/47

11/26

at

100.00

BB+

4,885,566

Hugo,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Noble

Academy

Project,

Series

2014A:

600

5.000%,

7/01/29

7/24

at

100.00

BB

598,416

1,000

5.000%,

7/01/34

7/24

at

100.00

BB

970,980

525

5.000%,

7/01/44

7/24

at

100.00

BB

479,614

4,150

Independence,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Beacon

Academy

Project,

Series

2016A,

5.000%,

7/01/46

7/26

at

100.00

N/R

3,570,037

1,415

Independence,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Paladin

Career

&

Technical

High

School

Project,

Series

2021A,

4.000%,

6/01/51

6/29

at

102.00

N/R

968,398

1,450

Minneapolis,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Hiawatha

Academies

Project,

Series

2022A,

5.375%,

7/01/42

7/32

at

100.00

N/R

1,360,274

Minneapolis,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Northeast

College

Prep

Project,

Series

2020A:

410

5.000%,

7/01/40

7/30

at

100.00

N/R

362,932

100

5.000%,

7/01/55

7/30

at

100.00

N/R

80,447

Minneapolis,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Yinghua

Academy

Project,

Series

2013A:

500

6.000%,

7/01/33

7/23

at

100.00

BB+

500,290

3,815

6.000%,

7/01/43

7/23

at

100.00

BB+

3,815,801

1,260

6.125%,

7/01/48

7/23

at

100.00

BB+

1,260,340

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

Bethel

University,

Refunding

Series

2017:

2,345

5.000%,

5/01/37

5/27

at

100.00

BB+

2,260,580

4,700

5.000%,

5/01/47

5/27

at

100.00

BB+

4,244,711

1,000

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

Carleton

College,

Refunding

Series

2017,

4.000%,

3/01/37

3/27

at

100.00

Aa2

1,003,460

500

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

College

of

Saint

Scholastica,

Inc.,

Refunding

Series

2019,

4.000%,

12/01/40

12/29

at

100.00

Baa2

434,510

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

Macalester

College,

Refunidng

Series

2021:

125

4.000%,

3/01/35

3/31

at

100.00

Aa3

130,374

155

4.000%,

3/01/36

3/31

at

100.00

Aa3

160,222

100

4.000%,

3/01/37

3/31

at

100.00

Aa3

102,349

1,000

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

Macalester

College,

Series

201528J,

3.250%,

3/01/30

3/25

at

100.00

Aa3

1,002,450

Nuveen

Minnesota

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

May

31,

2023

42

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Education

and

Civic

Organizations

(continued)

$

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

$

687,643

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

362,352

385

5.000%,

10/01/34

10/25

at

100.00

A2

398,652

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

502,325

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

Saint

Olaf

College,

Series

2021:

1,000

3.000%,

10/01/38

10/30

at

100.00

A1

837,820

3,000

4.000%,

10/01/50

10/30

at

100.00

A1

2,785,740

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

University

of

Saint

Thomas,

Green

Series

2022A:

1,000

4.000%,

10/01/38

10/30

at

100.00

A2

980,920

575

4.125%,

10/01/41

10/30

at

100.00

A2

559,550

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

1,043,590

100

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

University

of

Saint

Thomas,

Series

2017A,

4.000%,

10/01/36

10/27

at

100.00

A2

100,300

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

University

of

Saint

Thomas,

Series

2019:

1,000

4.000%,

10/01/31

10/29

at

100.00

A2

1,026,270

2,000

5.000%,

10/01/40

10/29

at

100.00

A2

2,093,180

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

University

of

Saint

Thomas,

Series

2022B:

500

4.000%,

10/01/40

10/30

at

100.00

A2

482,115

500

4.125%,

10/01/42

10/30

at

100.00

A2

485,400

1,490

4.125%,

10/01/42

10/30

at

100.00

A2

1,446,492

2,045

5.000%,

10/01/47

10/30

at

100.00

A2

2,136,902

645

Minnesota

Office

of

Higher

Education,

Supplemental

Student

Loan

Program

Revenue

Bonds,

2020

Senior

Series,

2.650%,

11/01/38,

(AMT)

11/27

at

100.00

AA

527,920

1,950

Moorhead,

Minnesota,

Educational

Facilities

Revenue

Bonds,

The

Concordia

College

Corporation

Project,

Series

2016,

5.000%,

12/01/40

12/25

at

100.00

Baa1

1,978,100

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-

986,603

155

Saint

Cloud,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Stride

Academy

Project,

Series

2016A,

5.000%,

4/01/46

4/26

at

100.00

N/R

113,875

1,600

Saint

Paul

Housing

&

Redevelopment

Authority,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Community

of

Peace

Academy

Project,

Series

2019,

4.000%,

12/01/49

12/29

at

100.00

BBB-

1,272,976

Saint

Paul

Housing

&

Redevelopment

Authority,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Great

River

School

Project,

Series

2017A:

240

5.500%,

7/01/38,

144A

7/27

at

100.00

N/R

241,291

685

5.500%,

7/01/52,

144A

7/27

at

100.00

N/R

670,375

2,500

Saint

Paul

Housing

&

Redevelopment

Authority,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Hmong

College

Prep

Academy

Project,

Refunding

Series

2020A,

5.000%,

9/01/55

9/30

at

100.00

BB+

2,177,650

Saint

Paul

Housing

&

Redevelopment

Authority,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Hmong

College

Prep

Academy

Project,

Series

2016A:

1,000

5.750%,

9/01/46

9/26

at

100.00

BB+

1,001,060

500

6.000%,

9/01/51

9/26

at

100.00

BB+

502,570

3,800

Saint

Paul

Housing

&

Redevelopment

Authority,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Hope

Community

Academy

Project,

Series

2020A,

5.000%,

12/01/45

12/28

at

102.00

BB-

3,250,710

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

904,770

1,615

5.000%,

6/15/53,

144A

6/25

at

100.00

N/R

1,438,464

43

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Education

and

Civic

Organizations

(continued)

$

730

Saint

Paul

Housing

&

Redevelopment

Authority,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Nova

Classical

Academy,

Refunding

Series

2021A,

4.000%,

9/01/31

9/24

at

102.00

BB+

$

685,813

2,000

Saint

Paul

Housing

&

Redevelopment

Authority,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Nova

Classical

Academy,

Series

2016A,

4.125%,

9/01/47

9/24

at

102.00

BB+

1,586,440

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

584,856

1,030

5.375%,

7/01/50

7/25

at

100.00

BB

957,272

Saint

Paul

Housing

&

Redevelopment

Authority,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Twin

Cities

German

Immersion

School

Project,

Series

2019:

1,230

5.000%,

7/01/49

7/27

at

102.00

BB

1,089,448

2,620

5.000%,

7/01/55

7/27

at

102.00

BB

2,261,977

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

499,965

1,450

5.000%,

7/01/44

7/23

at

100.00

BB

1,351,545

Savage,

Minnesota

Charter

School

Lease

Revenue

Bonds,

Aspen

Academy

Project,

Series

2016A:

2,035

5.000%,

10/01/41

10/26

at

100.00

N/R

1,822,912

380

5.125%,

10/01/48

10/26

at

100.00

N/R

332,485

1,500

Spring

Lake

Park,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Excell

Academy

for

Higher

Learning

Inc.,

Series

2019A,

5.000%,

6/15/49

6/27

at

100.00

N/R

1,345,305

500

St.

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Charter

School

Revenue

Bonds,

Higher

Ground

Academy

Charter

School,

Series

2018,

5.125%,

12/01/49

12/26

at

102.00

BB+

473,335

University

of

Minnesota,

General

Obligation

Bonds,

Series

2014B:

2,235

4.000%,

1/01/33

1/24

at

100.00

Aa1

2,243,873

2,000

4.000%,

1/01/34

1/24

at

100.00

Aa1

2,007,340

1,945

University

of

Minnesota,

General

Obligation

Bonds,

Series

2017A,

5.000%,

9/01/38

9/27

at

100.00

Aa1

2,069,441

3,055

University

of

Minnesota,

General

Obligation

Bonds,

Series

2019A,

5.000%,

4/01/39

4/29

at

100.00

Aa1

3,310,367

20

Winona

Port

Authority,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Bluffview

Montessori

School

Project,

Refunding

Series

2016,

4.750%,

6/01/46

6/24

at

100.00

N/R

15,953

Woodbury,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Math

and

Science

Academy

Building

Company,

Refunding

Series

2020A:

390

4.000%,

12/01/40

12/25

at

102.50

BBB-

344,690

450

4.000%,

12/01/50

12/25

at

102.50

BBB-

374,553

660

Woodbury,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Woodbury

Leadership

Academy,

Series

2021A,

4.000%,

7/01/51

7/28

at

103.00

BB-

476,870

Total

Education

and

Civic

Organizations

90,755,163

Health

Care

-

17.9%

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

493,110

2,000

4.000%,

3/01/37

3/26

at

100.00

N/R

1,850,960

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

530,651

485

5.000%,

4/01/41

4/27

at

100.00

BBB

492,585

Nuveen

Minnesota

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

May

31,

2023

44

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Health

Care

(continued)

Duluth

Economic

Development

Authority,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Essentia

Health

Obligated

Group,

Series

2018A:

$

500

5.000%,

2/15/37

2/28

at

100.00

A-

$

519,500

580

4.250%,

2/15/43

2/28

at

100.00

A-

559,660

16,115

5.000%,

2/15/48

2/28

at

100.00

A-

16,355,919

1,000

5.250%,

2/15/53

2/28

at

100.00

A-

1,032,300

2,590

5.250%,

2/15/58

2/28

at

100.00

A-

2,668,114

Duluth

Economic

Development

Authority,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Saint

Luke's

Hospital

of

Duluth

Obligated

Group,

Series

2021A:

400

4.000%,

6/15/34

6/31

at

100.00

BBB-

385,608

175

4.000%,

6/15/38

6/31

at

100.00

BBB-

157,180

175

4.000%,

6/15/39

6/31

at

100.00

BBB-

155,386

570

3.000%,

6/15/44

6/31

at

100.00

BBB-

395,152

450

Duluth

Economic

Development

Authority,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Saint

Luke's

Hospital

of

Duluth

Obligated

Group,

Series

2022A,  Forward

Delivery,

4.000%,

6/15/38

6/32

at

100.00

BBB-

404,176

1,250

Duluth

Economic

Development

Authority,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Saint

Luke's

Hospital

of

Duluth

Obligated

Group,

Series

2022B,

5.250%,

6/15/47

6/32

at

100.00

BBB-

1,270,800

Glencoe,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Glencoe

Regional

Health

Services

Project,

Series

2013:

500

4.000%,

4/01/27

7/23

at

100.00

BBB

490,035

760

4.000%,

4/01/31

7/23

at

100.00

BBB

744,048

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

951,930

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

442,467

430

5.000%,

5/01/32

5/27

at

100.00

Baa1

445,867

Minneapolis,

Minnesota,

Health

Care

System

Revenue

Bonds,

Allina

Health

System,

Series

2021:

2,725

4.000%,

11/15/37

11/31

at

100.00

AA-

2,673,934

10,360

4.000%,

11/15/39

11/31

at

100.00

AA-

10,036,250

1,000

4.000%,

11/15/40

11/31

at

100.00

AA-

960,530

Minneapolis,

Minnesota,

Health

Care

System

Revenue

Bonds,

Fairview

Health

Services,

Series

2015A:

525

5.000%,

11/15/26

11/25

at

100.00

BBB+

536,372

485

4.000%,

11/15/40

11/25

at

100.00

BBB+

445,312

Minneapolis,

Minnesota,

Health

Care

System

Revenue

Bonds,

Fairview

Health

Services,

Series

2018A:

1,000

5.000%,

11/15/35

11/28

at

100.00

BBB+

1,052,830

3,965

4.000%,

11/15/48

11/28

at

100.00

BBB+

3,455,775

2,500

5.000%,

11/15/49

11/28

at

100.00

BBB+

2,534,475

2,400

Rochester,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Mayo

Clinic,

Refunding

Series

2016B,

5.000%,

11/15/33

No

Opt.

Call

AA

2,838,480

5,500

Rochester,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Mayo

Clinic,

Series

2022,

5.000%,

11/15/57

11/32

at

100.00

AA

5,920,805

675

Saint

Cloud,

Minnesota,

Health

Care

Revenue

Bonds,

CentraCare

Health

System,

Series

2016A,

5.000%,

5/01/46

5/26

at

100.00

AA-

684,011

11,585

Saint

Cloud,

Minnesota,

Health

Care

Revenue

Bonds,

CentraCare

Health

System,

Series

2019,

5.000%,

5/01/48

5/29

at

100.00

AA-

11,851,687

Saint

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Health

Care

Facility

Revenue

Bonds,

HealthPartners

Obligated

Group,

Refunding

Series

2015A:

4,200

5.000%,

7/01/29

7/25

at

100.00

A

4,324,278

4,110

5.000%,

7/01/30

7/25

at

100.00

A

4,234,081

4,075

4.000%,

7/01/35

7/25

at

100.00

A

4,081,561

45

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:

$

2,135

5.000%,

11/15/27

No

Opt.

Call

BBB+

$

2,241,110

755

4.000%,

11/15/36

11/27

at

100.00

BBB+

716,608

640

4.000%,

11/15/37

11/27

at

100.00

BBB+

599,526

2,830

4.000%,

11/15/43

11/27

at

100.00

BBB+

2,550,566

1,310

Saint

Paul

Port

Authority,

Minnesota,

Lease

Revenue

Bonds,

Regions

Hospital

Parking

Ramp

Project,

Series

2007-1,

5.000%,

8/01/36

7/23

at

100.00

N/R

1,310,223

Shakopee,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Saint

Francis

Regional

Medical

Center,

Refunding

Series

2014:

1,980

4.000%,

9/01/31

9/24

at

100.00

A

1,978,357

1,410

5.000%,

9/01/34

9/24

at

100.00

A

1,423,268

Total

Health

Care

96,795,487

Housing/Multifamily

-

0.4%

2,430

Rochester,

Minnesota,

Multifamily

Housing

Revenue

Bonds,

Essex

Place

Apartments

Project,

Series

2012A,

3.750%,

6/01/29

6/23

at

100.00

Aaa

2,430,000

Total

Housing/Multifamily

2,430,000

Housing/Single

Family

-

0.8%

10

Minneapolis-Saint

Paul

Housing

Finance

Board,

Minnesota,

Single

Family

Mortgage

Revenue

Bonds,

City

Living

Home

Program,

Market

Series

2011B,

4.100%,

12/01/29

6/23

at

100.00

AA+

9,578

35

Minneapolis-Saint

Paul

Housing

Finance

Board,

Minnesota,

Single

Family

Mortgage

Revenue

Bonds,

City

Living

Series

2007A-2,

5.520%,

3/01/41,

(AMT)

6/23

at

100.00

AA+

34,977

365

Minnesota

Housing

Finance

Agency,

Residential

Housing

Finance

Bonds,

Series

2016A,

3.200%,

1/01/33,

(AMT)

7/25

at

100.00

AA+

349,363

Minnesota

Housing

Finance

Agency,

Residential

Housing

Finance

Bonds,

Series

2020A:

460

1.550%,

7/01/25,

(AMT)

No

Opt.

Call

AA+

437,966

370

1.700%,

7/01/26,

(AMT)

No

Opt.

Call

AA+

346,339

Minnesota

Housing

Finance

Agency,

Residential

Housing

Finance

Bonds,

Series

2020D:

220

1.625%,

1/01/26,

(AMT)

No

Opt.

Call

AA+

206,608

205

1.650%,

7/01/26,

(AMT)

No

Opt.

Call

AA+

190,806

Minnesota

Housing

Finance

Agency,

Residential

Housing

Finance

Bonds,

Series

2020H:

460

1.100%,

7/01/26,

(AMT)

No

Opt.

Call

AA+

422,653

460

1.350%,

7/01/27,

(AMT)

No

Opt.

Call

AA+

417,537

Minnesota

Housing

Finance

Agency,

Residential

Housing

Finance

Bonds,

Series

2021A:

380

1.550%,

1/01/28,

(AMT)

No

Opt.

Call

AA+

341,916

390

1.600%,

7/01/28,

(AMT)

No

Opt.

Call

AA+

348,738

485

1.750%,

1/01/29,

(AMT)

No

Opt.

Call

AA+

433,110

485

1.800%,

7/01/29,

(AMT)

No

Opt.

Call

AA+

431,029

245

1.900%,

1/01/30,

(AMT)

No

Opt.

Call

AA+

216,656

240

1.950%,

7/01/30,

(AMT)

No

Opt.

Call

AA+

211,260

Total

Housing/Single

Family

4,398,536

Industrials

-

0.4%

2,250

Saint

Paul

Port

Authority,

Minnesota,

Solid

Waste

Disposal

Revenue

Bonds,

Gerdau

Saint

Paul

Steel

Mill

Project,

Series

2012-7,

4.500%,

10/01/37,

(AMT),

144A

7/23

at

100.00

BBB

2,121,975

Total

Industrials

2,121,975

Nuveen

Minnesota

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

May

31,

2023

46

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Long-Term

Care

-

8.3%

$

2,090

Anoka,

Minnesota,

Health

Care

and

Housing

Facility

Revenue

Bonds,

The

Homestead

at

Anoka,

Inc.

Project,

Series

2014,

5.125%,

11/01/49

11/24

at

100.00

N/R

$

1,709,056

840

Apple

Valley,

Minnesota

Senior

Housing

Revenue

Bonds,

PHS

Apple

Valley

Senior

Housing,

Inc.

Orchard

Path

Phase

II

Project,

Series

2021,

4.000%,

9/01/51

9/28

at

102.00

N/R

636,787

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

952,200

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

339,589

500

5.000%,

11/01/44

11/24

at

100.00

Baa1

501,465

Chatfield,

Minnesota,

Healthcare

and

Housing

Facilities

Revenue

Bonds,

Chosen

Valley

Care

Center

Project,

Refunding

Series

2019:

500

5.000%,

9/01/44

9/26

at

102.00

N/R

410,720

1,500

5.000%,

9/01/52

9/26

at

102.00

N/R

1,166,745

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

1,487,730

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

1,361,250

Cloquet,

Minnesota,

Housing

Facilities

Revenue

Bonds,

HADC

Cloquet

LLC

Project,

Refunding

Series

2021:

250

3.400%,

8/01/36

8/28

at

102.00

N/R

187,995

700

4.000%,

8/01/41

8/28

at

102.00

N/R

516,166

200

4.000%,

8/01/48

8/28

at

102.00

N/R

135,102

1,180

Cold

Spring,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Assumption

Home,

Inc.,

Refunding

Series

2013,

5.200%,

3/01/43

7/23

at

100.00

N/R

941,581

Columbus,

Minnesota,

Senior

Housing

Revenue

Bonds,

Richfield

Senior

Housing,

Inc.,

Refunding

Series

2015:

575

5.250%,

1/01/40

7/23

at

100.00

N/R

465,992

1,175

5.250%,

1/01/46

7/23

at

100.00

N/R

912,458

1,250

Cuyuna

Range

Hospital

District,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Crosby

Senior

Service

Care

Center,

Series

2023,

5.500%,

5/01/48

5/30

at

101.00

N/R

1,249,875

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

7/23

at

100.00

N/R

1,090,927

500

Dennison,

Minnesota,

Senior

Housing

Revenue

Bonds,

Villages

of

Lonsdale,

LLC

Project,

Series

2019,

4.600%,

5/01/44

5/24

at

101.00

N/R

376,340

1,185

Lake

Crystal,

Minnesota,

Housing

and

Health

Care

Revenue

Bonds,

Ecumen

Second

Century

&

Owatonna

Senior

Living

Project,

Refunding

Series

2014A,

4.500%,

9/01/44,

(Mandatory

Put

9/01/24)

7/23

at

100.00

N/R

1,158,586

Maple

Plain,

Minnesota

Senior

Housing

and

Healthcare

Revenue

Bonds,

Haven

Homes,

Inc.

Project,

Series

2019:

400

4.100%,

7/01/34

7/25

at

102.00

N/R

335,080

1,000

5.000%,

7/01/49

7/25

at

102.00

N/R

819,150

1,250

5.000%,

7/01/54

7/25

at

102.00

N/R

995,413

200

Mapleton,

Minnesota,

Healthcare

Facility

Revenue

Bonds,

Mapleton

Community

Home,

Refunding

Series

2019,

4.000%,

5/01/39

5/24

at

101.00

N/R

152,844

1,500

Minneapolis,

Minnesota,

Senior

Housing

and

Healthcare

Revenue

Bonds,

Ecumen

Abiitan

Mill

City

Project,  Series

2015,

5.250%,

11/01/45

7/23

at

100.00

N/R

1,312,155

300

Morris,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Farmington

Health

Services

Project,

Refunding

Series

2019,

3.400%,

8/01/28

8/24

at

101.00

N/R

266,148

2,000

North

Oaks,

Minnesota,

Senior

Housing

Revenue

Bonds,

Waverly

Gardens

Project,

Refunding

Series

2016,

5.000%,

10/01/47

10/24

at

102.00

N/R

1,907,820

1,055

Owatonna,

Minnesota,

Housing

and

Health

Care

Revenue

Bonds,

Ecumen

Second

Century

&

Owatonna

Senior

Living

Project,

Refunding

Series

2014B,

4.500%,

9/01/44,

(Mandatory

Put

9/01/24)

7/23

at

100.00

N/R

1,028,171

1,285

Saint

Joseph,

Minnesota,

Senior

Housing

and

Healthcare

Revenue

Bonds,

Woodcrest

of

Country

Manor

Project,

Series

2019

A,

5.000%,

7/01/55

7/24

at

102.00

N/R

1,006,579

47

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Long-Term

Care

(continued)

$

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

$

2,144,340

50

Saint

Louis

Park,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Mount

Olivet

Careview

Home

Project,

Series

2016C,

3.150%,

6/01/28

7/23

at

100.00

N/R

44,583

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

809,770

4,000

Saint

Paul

Housing

and

Redevelopment

Authority,

Minnesota

Senior

Housing

and

Health

Care

Revenue

Bonds,

Carondelet

Village

Project,

Series

2016A,

5.000%,

12/01/41

12/24

at

102.00

N/R

3,832,120

Saint

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Revenue

Bonds,

Amherst

H.

Wilder

Foundation

Project,

Refunding

Series

2020A:

1,175

5.000%,

12/01/29

No

Opt.

Call

Baa2

1,191,250

300

5.000%,

12/01/30

No

Opt.

Call

Baa2

303,363

1,750

5.000%,

12/01/36

12/30

at

100.00

Baa2

1,723,015

Saint

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Senior

Housing

and

Health

Care

Revenue

Bonds,

Episcopal

Church

Homes

Project,

Refunding

Senior

Series

2021A:

450

4.000%,

11/01/34,

144A

11/26

at

102.00

N/R

391,239

1,015

4.000%,

11/01/42,

144A

11/26

at

102.00

N/R

786,919

Saint

Paul

Park,

Minnesota,

Senior

Housing

and

Health

Care

Revenue

Bonds,

Presbyterian

Homes

Bloomington

Project,

Refunding

Series

2017:

400

4.000%,

9/01/32

9/24

at

100.00

N/R

378,596

500

4.100%,

9/01/33

9/24

at

100.00

N/R

474,230

315

4.200%,

9/01/36

9/24

at

100.00

N/R

289,917

300

4.250%,

9/01/37

9/24

at

100.00

N/R

273,525

1,000

5.000%,

9/01/42

9/24

at

100.00

N/R

945,540

600

Sartell,

Minnesota,

Health

Care

and

Housing

Facilities

Revenue

Bonds,

Country

Manor

Campus

LLC

Project,

Series

2022A,

5.000%,

9/01/35

9/27

at

100.00

N/R

542,616

2,390

Sauk

Rapids,

Minnesota,

Health

Care

and

Housing

Facilities

Revenue

Bonds,

Good

Shepherd

Luthran

Home,

Refunding

Series

2013,

5.125%,

1/01/39

7/23

at

100.00

N/R

2,002,772

Wayzata,

Minnesota

Senior

Housing

Revenue

Bonds,

Folkestone

Senior

Living

Community,

Refunding

Series

2019:

650

5.000%,

8/01/49

8/24

at

102.00

N/R

605,995

5,000

5.000%,

8/01/54

8/24

at

102.00

N/R

4,580,300

Total

Long-Term

Care

44,744,014

Tax

Obligation/General

-

22.3%

1,410

Alexandria

Independent

School

District

206,

Douglas

County,

Minnesota,

General

Obligation

Bonds,

Refunding

School

Building

Series

2017A,

5.000%,

2/01/30

2/28

at

100.00

Aa1

1,550,577

1,355

Anoka-Hennepin

Independent

School

District

11,

Coon

Rapids,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2020A,

3.000%,

2/01/43

2/28

at

100.00

AAA

1,157,888

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

2,192,442

Brainerd

Independent

School

District

181,

Crow

Wing

County,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2018A:

2,225

4.000%,

2/01/42

2/27

at

100.00

AAA

2,229,450

3,600

4.000%,

2/01/43

2/27

at

100.00

AAA

3,607,092

Brooklyn

Center

Independent

School

District

286,

Minnesota,

General

Obligation

Bonds,

Series

2018A:

1,090

4.000%,

2/01/36

2/27

at

100.00

Aa1

1,112,171

1,880

4.000%,

2/01/38

2/27

at

100.00

Aa1

1,897,578

2,715

4.000%,

2/01/41

2/27

at

100.00

Aa1

2,719,968

2,260

4.000%,

2/01/42

2/27

at

100.00

Aa1

2,263,141

Nuveen

Minnesota

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

May

31,

2023

48

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/General

(continued)

$

985

Carlton

County,

Minnesota,

General

Obligation

Bonds,

Minnesota

State

Credit

Enhancement

Program

Series

2022A,

4.000%,

2/01/47

2/32

at

100.00

Aa1

$

952,948

1,160

Chisago

Lakes,

Minnesota,

Independent

School

District

2144,

General

Obligation

Bonds,

School

Building

Series

2017A,

3.000%,

2/01/32

2/27

at

100.00

AAA

1,154,026

Cloquet

Independent

School

District

94,

Carlton

and

Sant

Louis

Counties,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2015B:

1,000

5.000%,

2/01/27

2/25

at

100.00

Aa1

1,024,880

1,000

4.000%,

2/01/36

2/25

at

100.00

Aa1

1,008,720

Corcoran,

Minnesota,

General

Obligation

Bonds,

Series

2023A:

625

4.000%,

2/01/40

-

BAM

Insured

2/31

at

100.00

AA

628,837

3,605

4.000%,

2/01/48

-

BAM

Insured

2/31

at

100.00

AA

3,506,728

Dawson-Boyd

Independent

School

District

378,

Yellow

Medicine

County,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2019A:

1,145

4.000%,

2/01/31

2/28

at

100.00

AAA

1,205,731

1,145

4.000%,

2/01/32

2/28

at

100.00

AAA

1,205,273

Dover-Eyota

Independent

School

District

533,

Minnesota,

General

Obligation

Bonds,

School

Building  

Facilities

Maintenance

Series

2023A:

1,225

4.000%,

2/01/44

2/31

at

100.00

AAA

1,213,865

500

4.000%,

2/01/45

2/31

at

100.00

AAA

492,955

Duluth

Independent

School

District

709,

Saint

Louis

County,

Minnesota,

General

Obligation

Bonds,

Capital

Appreciation

Series

2021C:

1,325

0.000%,

2/01/31

2/28

at

94.48

Aa1

987,814

1,480

0.000%,

2/01/32

2/28

at

92.24

Aa1

1,056,587

535

0.000%,

2/01/33

2/28

at

89.86

Aa1

365,180

1,500

Eden

Prairie

Independent

School

District

272,

Hennepin

County,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2019B,

4.000%,

2/01/31

2/28

at

100.00

Aa1

1,575,225

3,000

Farmington

Independent

School

District

192,

Dakota

County,

Minnesota,

General

Obligation

Bonds,

Refunding

School

Building

Series

2023A,

5.000%,

2/01/25

No

Opt.

Call

Aa1

3,088,890

480

Fridley,

Minnesota,

General

Obligation

Bonds,

Capital

Improvement

Plan,

Series

2017,

3.250%,

2/01/34

2/26

at

100.00

Aa2

468,221

700

Greenway

Independent

School

District

316,

Itasca

County,

Minnesota,

General

Obligation

Bonds,

Facilities

Maintenance

Series

2019F,

0.000%,

2/01/30

2/26

at

90.86

AAA

562,121

705

Hawley

Independent

School

District

150,

Clay

County,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2023A,

5.000%,

2/01/39

2/30

at

100.00

Aa1

765,757

1,915

Hennepin

County,

Minnesota,

General

Obligation

Bonds,

Refunding

Series

2022B,

5.000%,

12/01/38

12/32

at

100.00

AAA

2,190,454

4,855

Hennepin

County,

Minnesota,

General

Obligation

Bonds,

Series

2020A,

5.000%,

12/01/36

12/30

at

100.00

AAA

5,501,540

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

5,037,150

1,935

Independent

School

District

No.

115,

Cass

Lake-Bena

Public

Schools,

Minnesota,

Cass

Beltrami

and

Hubbard

Counties,

General

Obligation

School

Building

Bonds,

Series

2023A,

5.000%,

2/01/37

2/31

at

100.00

Aa1

2,161,143

1,145

Independent

School

District

No.

2397

(Le

Sueur-Henderson),

Minnesota,

General

Obligation

School

Building

Bonds,

Series

2022A,

5.000%,

2/01/36

2/31

at

100.00

AAA

1,300,674

500

La

Crescent-Hokah

Independent

School

District

300,

Houston

and

Winona

Counties,

Minnesota,

General

Obligation

Bonds,

School

Building

&

Maintenance

Series

2019A,

4.000%,

2/01/30

2/27

at

100.00

Aa1

521,840

Madison,

Minnesota,

General

Obligation

Bonds,

Refunding

Series

2015A:

660

3.600%,

1/01/35

-

AGM

Insured

7/23

at

100.00

AA

659,993

500

4.000%,

1/01/45

-

AGM

Insured

7/23

at

100.00

AA

500,090

49

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/General

(continued)

Maple

River

Independent

School

District

2135,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2020A:

$

1,315

4.000%,

2/01/38

2/30

at

100.00

AAA

$

1,350,636

3,500

4.000%,

2/01/50

2/30

at

100.00

AAA

3,395,700

1,430

Minneapolis

Special

School

District

1,

Hennepin

County,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2022A,

5.000%,

2/01/43

2/32

at

100.00

AAA

1,586,757

2,195

Minneapolis,

Minnesota,

General

Obligation

Bonds,

Improvement

&

Various

Purpose

Series

2018,

4.000%,

12/01/35

12/26

at

100.00

AAA

2,262,233

2,925

Minnesota

State,

General

Obligation

Bonds,

Various

Purpose

Series

2018A,

5.000%,

8/01/37

8/28

at

100.00

AAA

3,188,952

155

Minnesota

State,

General

Obligation

Bonds,

Various

Purpose

Series

2019A,

5.000%,

8/01/36

8/29

at

100.00

AAA

172,482

5,000

Minnesota

State,

General

Obligation

Bonds,

Various

Purpose

Series

2021A,

4.000%,

9/01/33

9/31

at

100.00

AAA

5,390,750

1,000

Minnetonka

Independent

School

District

276,

Hennepin

County,

Minnesota,

General

Obligation

Bonds,

Refunding

Alternative

Facilities

Series

2018E,

5.000%,

2/01/35

2/25

at

100.00

Aaa

1,021,470

Montgomery

Independent

School

District

2905,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2018A:

250

4.000%,

2/01/32

2/25

at

100.00

Aa1

252,578

500

4.000%,

2/01/36

2/25

at

100.00

Aa1

505,155

Moorhead

Independent

School

District

152,

Clay

County,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2020A:

1,290

3.000%,

2/01/43

2/28

at

100.00

Aa1

1,056,936

1,100

3.000%,

2/01/44

2/28

at

100.00

Aa1

894,069

2,000

North

Saint

Paul-Maplewood-Oakdale

Independent

School

District

622,

Ramsey

County,

Minnesota,

General

Obligation

Bonds,

Facilities

Maintenance

Series

2018A,

3.375%,

2/01/35

2/27

at

100.00

Aa1

1,960,300

530

Pillager

Independent

School

District

116,

Cass

and

Morrison

Counties,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2019A,

3.000%,

2/01/33

2/28

at

100.00

AAA

519,898

1,245

Ramsey

County,

Minnesota,

General

Obligation

Bonds,

Capital

Improvement

Plan,

Series

2023B,

4.000%,

2/01/40

2/32

at

100.00

AAA

1,250,901

1,795

Red

Lake

County,

Minnesota,

General

Obligation

School

Building

Bonds,

Independent

School

District

No.

2906,

Series

2022A,

4.000%,

2/01/38

2/33

at

100.00

Aa1

1,845,816

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

4,015,480

1,250

Robbinsdale

Independent

School

District

281,

Hennepin

County,

Minnesota,

General

Obligation

Bonds,

Facilities

Maintenance

Series

2018A,

3.000%,

2/01/30

8/26

at

100.00

Aa1

1,251,875

4,000

Roseville

Independent

School

District

623,

Ramsey

County,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2018A,

4.000%,

2/01/34

2/27

at

100.00

Aa1

4,127,160

Round

Lake-Brewster

Independent

School

District

2907,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2023A:

1,070

5.000%,

2/01/40

2/32

at

100.00

AAA

1,176,048

1,285

4.000%,

2/01/42

2/32

at

100.00

AAA

1,252,001

1,700

Russell-Tyler-Ruthton

Public

Schools

Independent

School

District

2902,

Minnesota,

General

Obligation

Bonds,

Series

2019A,

4.000%,

2/01/31

2/29

at

100.00

AAA

1,808,052

800

Saint

Cloud

Independent

School

District

742,

Stearns

County,

Minnesota,

General

Obligation

Bonds,

Facilities

Maintenance

Series

2022B,

4.000%,

2/01/43

2/30

at

100.00

Aa1

802,736

1,000

Saint

James

Independent

School

District

840,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2015B,

4.000%,

2/01/45

2/26

at

100.00

AAA

1,007,030

Nuveen

Minnesota

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

May

31,

2023

50

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/General

(continued)

Saint

Michael

Independent

School

District

885,

Wright

County,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2017A:

$

1,340

4.000%,

2/01/28

2/26

at

100.00

Aa1

$

1,371,035

1,400

4.000%,

2/01/30

2/26

at

100.00

Aa1

1,437,786

1,885

3.200%,

2/01/32

2/26

at

100.00

Aa1

1,892,238

Sartell,

Minnesota,

General

Obligation

Bonds,

Series

2022A:

1,840

4.000%,

2/01/41

2/30

at

100.00

AA

1,820,496

1,180

4.000%,

2/01/43

2/30

at

100.00

AA

1,162,194

Shakopee

Independent

School

District

720,

Scott

County,

Minnesota,

General

Obligation

Bonds,

Capital

Facilities

Series

2020A:

250

4.000%,

2/01/33

2/27

at

100.00

Aa1

258,360

425

4.000%,

2/01/34

2/27

at

100.00

Aa1

439,361

2,500

Sibley

East

Independent

School

District

2310,

Sibley,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2015A,

4.000%,

2/01/40

2/25

at

100.00

Aa1

2,505,225

South

Washington

County

Independent

School

District

833,

Minnesota,

General

Obligation

Bonds,

Facilities

Maintenance

Series

2018A:

1,330

4.000%,

2/01/31

2/27

at

100.00

Aa1

1,366,761

670

4.000%,

2/01/33

2/27

at

100.00

Aa1

685,156

South

Washington

County

Independent

School

District

833,

Minnesota,

General

Obligation

Bonds,

Facilities

Maintenance

Series

2022A:

1,000

4.000%,

2/01/34

2/30

at

100.00

Aa1

1,044,900

2,030

4.000%,

2/01/35

2/30

at

100.00

Aa1

2,111,302

1,000

South

Washington

County

Independent

School

District

833,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2016A,

4.000%,

2/01/29

2/26

at

100.00

Aa1

1,023,140

2,500

Waconia

Independent

School

District,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2015B,

3.000%,

2/01/28

2/25

at

100.00

Aa1

2,498,250

1,315

Waseca

Independent

School

District

829,

Steele,

Rice,

and

Waseca

Counties,

Minnesota,

General

Obligation

Bonds,

School

Buidling

Series

2015A,

4.000%,

2/01/27

2/26

at

100.00

Aa1

1,343,772

Total

Tax

Obligation/General

120,921,940

Tax

Obligation/Limited

-

10.1%

750

Duluth

Independent

School

District

709,

Minnesota,

Certificates

of

Participation,

Refunding

Full

Term

Series

2019B,

5.000%,

2/01/25

No

Opt.

Call

Aa1

768,787

325

Elbow

Lake

Economic

Development

Authority,

Minnesota,

Lease

Revenue

Bonds,

Grant

County

Public

Project,

Series

2017A,

4.200%,

12/15/43

12/27

at

100.00

N/R

282,786

1,000

Hennepin

County,

Minnesota,

Sales

Tax

Revenue

Bonds,

Ballpark

Project,

Refunding

First

Lien

Series

2017A,

5.000%,

12/15/30

12/26

at

100.00

AAA

1,060,300

135

Minneapolis,

Minnesota,

Tax

Increment

Revenue

Bonds,

Grant

Park

Project,

Refunding

Series

2015,

4.000%,

3/01/30

7/23

at

100.00

N/R

130,448

425

Minneapolis,

Minnesota,

Tax

Increment

Revenue

Bonds,

Village

at

St.

Anthony

Falls

Project,

Refunding

Series

2015,

4.000%,

3/01/27

7/23

at

100.00

N/R

420,121

1,090

Minnesota

Housing

Finance

Agency,

Housing

Infrastructure

State

Appropriation

Bonds,

Series

2015C,

3.250%,

8/01/30

8/24

at

100.00

AA+

1,092,551

Minnesota

Housing

Finance

Agency,

Housing

Infrastructure

State

Appropriation

Bonds,

Series

2017A:

200

4.000%,

8/01/30

8/27

at

100.00

AA+

209,274

475

4.000%,

8/01/34

8/27

at

100.00

AA+

490,979

325

4.000%,

8/01/35

8/27

at

100.00

AA+

335,208

1,125

Minnesota

Housing

Finance

Agency,

Housing

Infrastructure

State

Appropriation

Bonds,

Series

2018D,

4.000%,

8/01/38

8/28

at

100.00

AA+

1,127,070

Minnesota

Housing

Finance

Agency,

Housing

Infrastructure

State

Appropriation

Bonds,

Series

2021B:

500

3.000%,

8/01/38

8/31

at

100.00

AA+

446,750

500

3.000%,

8/01/39

8/31

at

100.00

AA+

438,365

500

3.000%,

8/01/40

8/31

at

100.00

AA+

426,880

51

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

2021C:

$

2,810

4.000%,

8/01/35

8/31

at

100.00

AA+

$

2,919,534

2,925

4.000%,

8/01/36

8/31

at

100.00

AA+

3,002,308

3,045

4.000%,

8/01/37

8/31

at

100.00

AA+

3,090,553

3,165

4.000%,

8/01/38

8/31

at

100.00

AA+

3,178,166

1,000

4.000%,

8/01/43

8/31

at

100.00

AA+

966,280

1,780

Minnesota

Housing

Finance

Agency,

Housing

Infrastructure

State

Appropriation

Bonds,

Series

2022A,

5.000%,

8/01/40

8/32

at

100.00

AA+

1,940,396

1,905

Minnesota

Housing

Finance

Agency,

Housing

Infrastructure

State

Appropriation

Bonds,

Series

2022C,

5.000%,

8/01/41

8/32

at

100.00

AA+

2,079,079

580

Northeast

Metropolitan

Intermediate

School

District

916,

White

Bear

Lake,

Minnesota,

Certificates

of

Participation,

Series

2015A,

3.750%,

2/01/36

2/25

at

100.00

A1

574,954

4,600

Northeast

Metropolitan

Intermediate

School

District

916,

White

Bear

Lake,

Minnesota,

Certificates

of

Participation,

Series

2015B,

4.000%,

2/01/42

2/25

at

100.00

A1

4,462,276

1,470

Northeast

Metropolitan

Intermediate

School

District

916,

White

Bear

Lake,

Minnesota,

Certificates

of

Particpation,

Series

2015A,

3.625%,

2/01/34

2/25

at

100.00

A1

1,470,265

1,000

Plymouth

Intermediate

District

287,

Minnesota,

Certificates

of

Participation,

Refunding

Series

2017A,

4.000%,

2/01/36

2/27

at

100.00

A1

1,011,500

Plymouth

Intermediate

District

287,

Minnesota,

Facilities

Maintence

Bonds,

Series

2017B:

175

4.000%,

5/01/29

5/27

at

100.00

Aa3

181,704

200

4.000%,

5/01/32

5/27

at

100.00

Aa3

206,634

100

4.000%,

5/01/33

5/27

at

100.00

Aa3

103,195

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

4,500

4.500%,

7/01/34

7/25

at

100.00

N/R

4,511,205

6,077

5.000%,

7/01/58

7/28

at

100.00

N/R

5,821,401

2,049

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2,

4.329%,

7/01/40

7/28

at

100.00

N/R

1,903,378

1,155

Roseville

Independent

School

District

623,

Ramsey

County,

Minnesota,

Certificates

of

Participation,

Series

2021A,

5.000%,

4/01/29

No

Opt.

Call

Baa1

1,220,350

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

363,371

520

5.000%,

2/01/34

2/25

at

100.00

A1

532,178

Saint

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Multifamily

Housing

Revenue

Bonds,

2700

University

at

Westgate

Station,

Series

2015B:

160

4.250%,

4/01/25

7/23

at

100.00

N/R

157,861

430

4.875%,

4/01/30

7/23

at

100.00

N/R

429,600

1,665

5.250%,

4/01/43

7/23

at

100.00

N/R

1,595,603

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

2,634,542

Saint

Paul

Independent

School

District

625,

Ramsey

County,

Minnesota,

Certificates

of

Participation,

Series

2019B:

1,005

4.000%,

2/01/36

2/29

at

100.00

AAA

1,041,009

1,000

4.000%,

2/01/37

2/29

at

100.00

AAA

1,029,940

Zumbro

Education

District

6012,

Minnesota,

Certificates

of

Participation

Series

2021A:

280

4.000%,

2/01/32

2/31

at

100.00

Baa1

277,001

250

4.000%,

2/01/34

2/31

at

100.00

Baa1

246,472

175

4.000%,

2/01/38

2/31

at

100.00

Baa1

163,718

700

4.000%,

2/01/41

2/31

at

100.00

Baa1

635,439

Total

Tax

Obligation/Limited

54,979,431

Transportation

-

8.9%

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+

2,014,400

1,175

5.000%,

1/01/32

1/24

at

100.00

A+

1,182,873

Nuveen

Minnesota

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

May

31,

2023

52

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Transportation

(continued)

$

750

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2014B,

5.000%,

1/01/26,

(AMT)

1/24

at

100.00

A+

$

752,970

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2019A:

30

5.000%,

1/01/31

7/29

at

100.00

A+

33,085

1,000

5.000%,

1/01/33

7/29

at

100.00

A+

1,098,730

70

5.000%,

1/01/37

7/29

at

100.00

A+

75,453

1,530

5.000%,

1/01/49

7/29

at

100.00

A+

1,596,723

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2019B:

2,710

5.000%,

1/01/32,

(AMT)

7/29

at

100.00

A+

2,905,282

2,300

5.000%,

1/01/38,

(AMT)

7/29

at

100.00

A+

2,401,614

1,000

5.000%,

1/01/44,

(AMT)

7/29

at

100.00

A+

1,029,780

13,070

5.000%,

1/01/49,

(AMT)

7/29

at

100.00

A+

13,372,048

8,080

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Senior

Lien

Series

2016C,

5.000%,

1/01/41

1/27

at

100.00

AA-

8,374,435

475

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Subordinate

Lien

Series

2016D,

5.000%,

1/01/34,

(AMT)

1/27

at

100.00

A+

495,335

2,000

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Subordinate

Lien

Series

2022A,

5.000%,

1/01/52

1/32

at

100.00

A+

2,111,840

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Subordinate

Lien

Series

2022B:

2,510

5.000%,

1/01/40,

(AMT)

1/32

at

100.00

A+

2,637,759

7,700

5.000%,

1/01/47,

(AMT)

1/32

at

100.00

A+

7,961,030

Total

Transportation

48,043,357

U.S.

Guaranteed

-

1.4%

(4)

1,135

Deephaven,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Eagle

Ridge

Academy

PRoject,

Series

2013A,

5.500%,

7/01/43,

(Pre-refunded

7/01/23)

7/23

at

100.00

N/R

1,136,748

2,000

Mankato

Independent

School

District

77,

Nicollet

and

Le

Sueur

Counties,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2014A,

4.000%,

2/01/28,

(Pre-refunded

2/01/24)

2/24

at

100.00

AAA

2,006,180

1,600

St.

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Hospital

Revenue

Bonds,

HealthEast

Inc.,

Series

2015A,

5.000%,

11/15/40,

(Pre-

refunded

11/15/25)

11/25

at

100.00

N/R

1,667,376

1,000

Western

Minnesota

Municipal

Power

Agency,

Minnesota,

Power

Supply

Revenue

Bonds,

Series

2014A,

5.000%,

1/01/46,

(Pre-refunded

1/01/24)

1/24

at

100.00

Aa2

1,009,480

1,530

Worthington

Independent

School

District

518,

Nobles

County,

Minnesota,

Certificates

of

Participation,

Series

2017A,

4.000%,

2/01/42,

(Pre-

refunded

2/01/26)

2/26

at

100.00

A+

1,562,421

Total

U.S.

Guaranteed

7,382,205

Utilities

-

10.6%

1,240

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2016,

5.000%,

1/01/46

7/26

at

100.00

A-

1,251,408

135

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2020A,

5.000%,

1/01/50

7/30

at

100.00

A-

135,583

470

Luverne,

Minnesota,

Electric

Revenue

Bonds,

Series

2022A,

3.000%,

12/01/44

-

AGM

Insured

12/28

at

100.00

AA

372,729

1,335

Minnesota

Municipal

Gas

Agency,

Commodity

Supply

Revenue

Bonds,

Series

2022A,

4.000%,

12/01/52,

(Mandatory

Put

12/01/27)

9/27

at

100.37

Aa1

1,345,052

Minnesota

Municipal

Power

Agency,

Electric

Revenue

Bonds,

Refunding

Series

2014A:

1,000

4.000%,

10/01/31

10/24

at

100.00

Aa3

1,012,820

1,000

4.000%,

10/01/32

10/24

at

100.00

Aa3

1,011,440

53

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Utilities

(continued)

$

2,795

Minnesota

Municipal

Power

Agency,

Electric

Revenue

Bonds,

Series

2016,

5.000%,

10/01/47

10/26

at

100.00

Aa3

$

2,878,906

Rochester,

Minnesota,

Electric

Utility

Revenue

Bonds,

Refunding

Series

2017A:

2,000

5.000%,

12/01/42

12/26

at

100.00

AA

2,062,200

1,500

5.000%,

12/01/47

12/26

at

100.00

AA

1,540,740

Saint

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

District

Energy

Revenue

Bonds,

Refunding

Series

2017A:

390

4.000%,

10/01/28

10/27

at

100.00

A-

402,040

1,325

4.000%,

10/01/33

10/27

at

100.00

A-

1,351,672

Saint

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

District

Energy

Revenue

Bonds,

Refunding

Series

2017B:

355

4.000%,

10/01/28

10/27

at

100.00

A-

365,813

270

4.000%,

10/01/29

10/27

at

100.00

A-

278,616

2,500

Saint

Paul

Port

Authority,

Minnesota,

District

Energy

Revenue

Bonds,

Series

2017-3,

4.000%,

10/01/42

10/27

at

100.00

A-

2,365,100

1,180

Saint

Paul

Port

Authority,

Minnesota,

District

Energy

Revenue

Bonds,

Series

2017-4,

4.000%,

10/01/40,

(AMT)

10/27

at

100.00

A-

1,097,199

300

Saint

Paul

Port

Authority,

Minnesota,

District

Energy

Revenue

Bonds,

Series

2021-1.

501

C3,

3.000%,

10/01/34

10/27

at

100.00

A-

272,181

1,100

Saint

Paul

Port

Authority,

Minnesota,

District

Energy

Revenue

Bonds,

Series

2021-2,

4.000%,

10/01/40,

(AMT)

10/27

at

100.00

A-

1,022,813

4,905

Saint

Paul,

Minnesota,

Water

Revenue

Bonds,

Series

2023A,

4.000%,

12/01/47

12/32

at

100.00

AAA

4,868,311

Southern

Minnesota

Municipal

Power

Agency,

Power

Supply

System

Revenue

Bonds,

Series

1994A:

10,530

0.000%,

1/01/24

-

NPFG

Insured

No

Opt.

Call

A+

10,299,288

5,005

0.000%,

1/01/25

-

NPFG

Insured

No

Opt.

Call

A+

4,716,011

6,230

0.000%,

1/01/26

-

NPFG

Insured

No

Opt.

Call

A+

5,661,076

Thief

River

Falls,

Minnesota,

Electric

Revenue

Bonds,

Series

2018A:

230

4.000%,

2/01/35

-

AGM

Insured

2/26

at

100.00

AA

236,525

260

4.000%,

2/01/38

-

AGM

Insured

2/26

at

100.00

AA

262,613

11,965

Western

Minnesota

Municipal

Power

Agency,

Minnesota,

Power

Supply

Revenue

Bonds,

Series

2018A,

5.000%,

1/01/49

7/28

at

100.00

Aa2

12,554,755

Total

Utilities

57,364,891

Total

Municipal

Bonds

(cost

$551,002,470)

529,936,999

Total

Long-Term

Investments

(cost

$551,002,470)

529,936,999

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

SHORT-TERM

INVESTMENTS

-

 0.9%  

X

5,000,000

MUNICIPAL

BONDS

-

0.9%  

X

5,000,000

Health

Care

-

0.9%

Minneapolis,

Minnesota,

Health

Care

System

Revenue

Bonds,

Fairview

Health

Services,

Series

2018A:

$

5,000

3.750%,

11/15/48

(5)

5/23

at

100.00

Aa1

$

5,000,000

Total

Health

Care

5,000,000

Total

Municipal

Bonds

(cost

$5,000,000)

5,000,000

Total

Short-Term

Investments

(cost

$5,000,000)

5,000,000

Total

Investments

(cost

$556,002,470)

-

98.7%

534,936,999

Other

Assets

&

Liabilities,

Net

-

1.3%

7,019,337

Net

Assets

-

100%

$

541,956,336

Nuveen

Minnesota

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

May

31,

2023

54

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

Optional

Call

Provisions

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(3)

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

of

Standard

&

Poor’s

Group

(“Standard

&

Poor’s”),

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

or

Fitch,

Inc.

(“Fitch”)

rating.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Ratings

below

BBB

by

Standard

&

Poor’s,

Baa

by

Moody’s

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

Ratings

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(4)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

(5)

Investment

has

a

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.

AMT

Alternative

Minimum

Tax

See

Notes

to

Financial

Statements.

55

Nuveen

Nebraska

Municipal

Bond

Fund

Portfolio

of

Investments

May

31,

2023

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

LONG-TERM

INVESTMENTS

-

97.7%   

X

98,961,035

MUNICIPAL

BONDS

-

97.7%  

X

98,961,035

Education

and

Civic

Organizations

-

7.4%

$

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

$

1,544,040

1,000

Douglas

County,

Nebraska,

Educational

Facilities

Revenue

Bonds,

Creighton

University

Projects,

Series

2021A,

4.000%,

7/01/46

1/32

at

100.00

A2

930,060

1,195

Nebraska

State

Colleges

Facilities

Corporation,

Nebraska,

Revenue

Bonds,

Facilities

Program

Series

2022B,

5.000%,

7/15/37

-

AGM

Insured

7/32

at

100.00

AA

1,290,074

Saline

County,

Nebraska,

Educational

Facilities

Revenue

Bonds,

Doane

College

Project,

Refunding

Series

2020A:

360

3.000%,

2/15/34

2/29

at

100.00

A-

326,984

445

3.000%,

2/15/35

2/29

at

100.00

A-

396,464

500

Southeast

Community

College

Area,

Nebraska,

Facilities

Revenue

Bonds,

Series

2020,

3.000%,

3/15/45

-

AGM

Insured

7/25

at

100.00

AA

402,900

450

Southeast

Community

College

Area,

Nebraska,

Facilities

Revenue

Bonds,

Series

2022,

4.000%,

3/15/29

-

AGM

Insured

1/27

at

100.00

AA

464,720

1,000

University

of

Nebraska

Facilities

Corporation,

Nebraska,

Facilities

Bonds,

Refunding

Series

2017B,

4.000%,

5/15/37

11/27

at

100.00

Aa1

1,007,750

1,000

University

of

Nebraska

Facilities

Corporation,

Nebraska,

Facilities

Program

Bonds,

Series

2021A,

5.000%,

7/15/31

No

Opt.

Call

Aa1

1,158,030

Total

Education

and

Civic

Organizations

7,521,022

Health

Care

-

8.3%

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+

188,062

Douglas

County

Hospital

Authority

2,

Nebraska,

Health

Facilities

Revenue

Bonds,

Children's

Hospital

Obligated

Group,

Refunding

Series

2020A:

575

4.000%,

11/15/40

11/30

at

100.00

AA-

557,100

300

4.000%,

11/15/41

11/30

at

100.00

AA-

290,520

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-

188,165

1,060

5.000%,

11/15/47

5/27

at

100.00

AA-

1,079,027

650

Douglas

County

Hospital

Authority

2,

Nebraska,

Health

Facilities

Revenue

Bonds,

Nebraska

Medicine,

Series

2016,

5.000%,

5/15/28

5/26

at

100.00

AA-

682,766

775

Douglas

County

Hospital

Authority

2,

Nebraska,

Hospital

Revenue

Bonds,

Madonna

Rehabilitation

Hospital

Project,

Series

2014,

5.000%,

5/15/44

5/24

at

100.00

A-

750,045

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

501,030

2,000

5.000%,

11/01/45

11/25

at

100.00

A

2,016,700

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

259,492

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

510,965

435

5.000%,

7/01/35

7/25

at

100.00

BBB

443,609

875

Scotts

Bluff

County

Hospital

Authority

1,

Nebraska,

Hospital

Revenue

Bonds,

Regional

West

Medical

Center

Project,

Refunding

&

Improvement

Series

2016A,

5.250%,

2/01/37

2/27

at

100.00

BB+

889,394

Total

Health

Care

8,356,875

Nuveen

Nebraska

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

May

31,

2023

56

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Housing/Single

Family

-

0.7%

$

660

Nebraska

Investment

Finance

Authority,

Single

Family

Housing

Revenue

Bonds,

Refunding

Series

2016A,

3.500%,

9/01/36

3/25

at

100.00

AAA

$

636,662

Nebraska

Investment

Finance

Authority,

Single

Family

Housing

Revenue

Bonds,

Series

2021A:

100

1.850%,

9/01/35

3/30

at

100.00

AAA

74,403

45

1.950%,

9/01/37

3/30

at

100.00

AAA

37,963

Total

Housing/Single

Family

749,028

Long-Term

Care

-

3.4%

3,700

Nebraska

Educational,

Health,

Cultural

and

Social

Services

Finance

Authority,

Revenue

Bonds,

Immanuel

Retirement

Communities

Obligated

Group,

Series

2019A,

4.000%,

1/01/49

1/26

at

102.00

AA

3,490,469

Total

Long-Term

Care

3,490,469

Tax

Obligation/General

-

39.7%

600

Adams

County

School

District

18,

Nebraska,

General

Obligation

Bonds,

Hastings

Public

Schools,

Series

2019,

4.000%,

12/15/38

5/29

at

100.00

Aa3

593,184

500

Adams

County,

Nebraska,

General

Obligation

Bonds,

Series

2023A,

5.000%,

12/15/42

1/28

at

100.00

AA-

522,480

Buffalo

County

School

District

007

Kearney

Public

Schools,

Nebraska,

General

Obligation

Bonds,

School

Building

Series

2016:

1,000

4.000%,

12/15/30

4/26

at

100.00

AA-

1,021,550

500

3.000%,

12/15/36

4/26

at

100.00

AA-

453,345

1,000

Dodge

County

School

District

1

Fremont,

Nebraska,

General

Obligation

Bonds,

Refunding

Limited

Tax

Series

2019,

4.000%,

12/15/40

12/29

at

100.00

A+

969,550

Dodge

County

School

District

1

Fremont,

Nebraska,

General

Obligation

Bonds,

Series

2022:

250

2.000%,

12/15/23

-

AGM

Insured

No

Opt.

Call

AA

247,375

260

5.000%,

12/15/28

-

AGM

Insured

No

Opt.

Call

AA

287,110

1,090

Douglas

County

School

District

059,

Nebraska,

General

Obligation

Bonds,

Bennington

Public

Schools,

School

Building

Series

2019,

4.000%,

6/15/33

3/24

at

100.00

AA-

1,096,202

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-

892,470

1,500

Douglas

County

School

District

059,

Nebraska,

General

Obligation

Bonds,

School

Building

Series

2020B,

3.000%,

12/15/45

8/25

at

100.00

AA-

1,178,895

1,500

Douglas

County

School

District

1,

Nebraska,

General

Obligation

Bonds,

Omaha

Public

Schools

Series

2020,

3.000%,

12/15/43

1/30

at

100.00

AA

1,224,690

1,235

Douglas

County

School

District

1,

Nebraska,

General

Obligation

Bonds,

Omaha

Public

Schools,

Series

2022,

5.000%,

12/15/25

No

Opt.

Call

AA

1,291,736

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-

988,640

750

Douglas

County

School

District

10

Elkhorn,

Nebraska,

General

Obligation

Bonds,

Series

2019,

4.000%,

12/15/39

12/29

at

100.00

AA-

737,190

Douglas

County

School

District

10

Elkhorn,

Nebraska,

General

Obligation

Bonds,

Series

2020:

430

4.000%,

12/15/39

12/30

at

100.00

AA-

422,656

400

4.000%,

12/15/40

12/30

at

100.00

AA-

391,408

500

Douglas

County

School

District

54,

Ralston,

Nebraska,

General

Obligation

Bonds,

Refunding

Series

2021,

3.000%,

12/15/46

12/30

at

100.00

Aa3

390,840

Kearney

County,

Nebraska,

General

Obligation

Bonds,

Recreational

Facilities

Series

2022:

550

4.000%,

5/15/28

5/27

at

100.00

A+

558,327

700

4.000%,

5/15/29

5/27

at

100.00

A+

712,355

500

4.000%,

5/15/30

5/27

at

100.00

A+

509,135

1,000

4.000%,

5/15/42

5/27

at

100.00

A+

970,340

57

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/General

(continued)

La

Vista,

Nebraska,

General

Obligation

Bonds,

Offstreet

Parking

Series

2022:

$

190

4.000%,

9/15/23

No

Opt.

Call

Aa2

$

190,340

305

4.000%,

9/15/24

No

Opt.

Call

Aa2

307,620

475

4.000%,

9/15/25

No

Opt.

Call

Aa2

481,878

400

4.000%,

9/15/26

No

Opt.

Call

Aa2

410,092

300

4.000%,

9/15/27

1/27

at

100.00

Aa2

308,625

La

Vista,

Sarpy

County,

Nebraska,

Tax

Supported

Bonds,

Taxable

Refunding

Series

2022:

625

5.000%,

9/15/26

-

AGM

Insured

No

Opt.

Call

AA

662,994

1,000

5.000%,

9/15/42

-

AGM

Insured

6/27

at

100.00

AA

1,042,660

Lancaster

County

School

District

1,

Lincoln,

Nebraska,

General

Obligation

Bonds,

Series

2020:

1,740

5.000%,

1/15/30

No

Opt.

Call

AAA

1,977,667

1,000

3.000%,

1/15/43

7/30

at

100.00

AAA

819,540

195

Omaha,

Nebraska,

General

Obligation

Bonds,

Convention

Center

Project,

Series

2004,

5.250%,

4/01/26

No

Opt.

Call

AA+

206,661

500

Omaha,

Nebraska,

General

Obligation

Bonds,

Refunding

&

Various

Purpose

Series

2017A,

4.000%,

4/15/33

4/27

at

100.00

AA+

515,290

500

Omaha,

Nebraska,

General

Obligation

Bonds,

Refunding

&

Various

Purpose

Series

2018A,

4.000%,

1/15/37

1/27

at

100.00

AA+

504,040

Omaha,

Nebraska,

General

Obligation

Bonds,

Refunding

&

Various

Purpose

Series

2019:

500

4.000%,

4/15/37

4/29

at

100.00

AA+

506,020

1,000

4.000%,

4/15/38

4/29

at

100.00

AA+

987,890

Omaha,

Nebraska,

General

Obligation

Bonds,

Refunding

&

Various

Purpose

Series

2020A:

380

4.000%,

4/15/31

4/30

at

100.00

AA+

401,538

140

3.000%,

4/15/39

4/30

at

100.00

AA+

122,534

Omaha,

Nebraska,

General

Obligation

Bonds,

Various

Purpose

Series

2022:

250

5.000%,

4/15/26

No

Opt.

Call

AA+

263,488

1,000

5.000%,

4/15/41

4/32

at

100.00

AA+

1,107,970

500

Omaha,

Nebraska,

Special

Tax

Redevelopment

Bonds,

Series

2018A,

5.000%,

1/15/33

1/27

at

100.00

AA+

538,485

1,000

Omaha,

Nebraska,

Special

Tax

Redevelopment

Bonds,

Series

2019A,

4.000%,

1/15/40

1/29

at

100.00

AA+

975,700

1,290

Omaha-Douglas

Public

Building

Commission,

Nebraska,

General

Obligation

Bonds,

Series

2020B,

4.000%,

5/01/43

5/29

at

100.00

AA+

1,260,433

1,000

Otoe

County

School

District

0501

Palmyra

District

OR-1,

Nebraska,

General

Obligation

Bonds,

School

Building

Series

2022,

5.000%,

12/15/42

11/27

at

100.00

Aa3

1,036,800

Papillion-LaVista

School

District

27,

Sarpy

County,

Nebraska,

General

Obligation

Bonds,

Refunding

Series

2020B:

750

4.000%,

12/01/35

12/30

at

100.00

Aa2

780,090

795

3.000%,

12/01/40

12/30

at

100.00

Aa2

669,223

750

Sarpy

County

School

District

037

Gretna

Public

Schools,

Nebraska,

General

Obligation

Bonds,

Refunding

Series

2019C,

4.000%,

6/15/43

6/29

at

100.00

AA-

740,077

Sarpy

County

School

District

037

Gretna

Public

Schools,

Nebraska,

General

Obligation

Bonds,

Series

2019:

1,000

5.000%,

6/15/40

6/29

at

100.00

AA-

1,077,900

1,000

5.000%,

6/15/41

6/29

at

100.00

AA-

1,075,410

Sarpy

County

School

District

037

Gretna

Public

Schools,

Nebraska,

General

Obligation

Bonds,

Series

2020B:

750

3.000%,

12/15/43

12/25

at

100.00

AA-

610,260

750

3.000%,

12/15/44

12/25

at

100.00

AA-

597,600

1,000

Sarpy

County

School

District

1,

Bellevue

Public

School,

Nebraska,

General

Obligation

Bonds,

School

Building

Series

2020,

4.000%,

12/15/40

12/30

at

100.00

A1

978,520

Nuveen

Nebraska

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

May

31,

2023

58

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/General

(continued)

Saunders

County

School

District

0001

(Ashland-Greenwood

Public

Schools)

in

the

State

of

Nebraska,

General

Obligation

Bonds,

Series

2022:

$

100

4.000%,

12/15/24

-

BAM

Insured

No

Opt.

Call

AA

$

101,208

100

4.000%,

12/15/25

-

BAM

Insured

No

Opt.

Call

AA

101,722

140

4.000%,

12/15/26

-

BAM

Insured

No

Opt.

Call

AA

143,815

270

4.000%,

12/15/27

-

BAM

Insured

No

Opt.

Call

AA

280,287

1,000

4.000%,

12/15/41

-

BAM

Insured

12/32

at

100.00

AA

981,900

265

4.000%,

12/15/42

-

BAM

Insured

12/32

at

100.00

AA

260,161

500

Saunders

County

School

District

1,

Ashland-Greenwood,

Nebraska,

General

Obligation

Bonds,

Series

2021,

3.000%,

12/15/42

12/30

at

100.00

A+

397,135

Southeast

Community

College

Area,

Nebraska,

Certificates

of

Participation,

Series

2018:

215

5.000%,

12/15/30

6/28

at

100.00

Aa1

237,822

1,000

5.000%,

12/15/47

6/28

at

100.00

Aa1

1,070,680

Total

Tax

Obligation/General

40,191,553

Tax

Obligation/Limited

-

9.1%

500

Columbus,

Nebraska,

Sales

Tax

Revenue

Bonds,

Police

&

Fire

Project,

Series

2018,

4.000%,

9/15/27

9/23

at

100.00

A

501,235

1,250

Douglas

County

Nebraska,

Sanitary

and

Improvement,

District

Number

608,

General

Obligation

Bonds,

North

Streams,

Series

2022,

6.000%,

12/15/47

6/27

at

100.00

N/R

1,132,775

430

Grand

Island,

Nebraska,

Highway

Alloactaion

Fund

Pledge

Bonds,

Series

2020,

3.000%,

11/15/30

11/25

at

100.00

Aa2

426,668

1,060

Matching

Fund

Special

Purpose

Securitization

Corporation,

Virgin

Islands,

Revenue

Bonds,

Series

2022A,

5.000%,

10/01/28

No

Opt.

Call

N/R

1,065,904

500

Omaha

Public

Facilities

Corporation,

Nebraska,

Lease

Revenue

Bonds,

Omaha

Baseball

Stadium

Project,

Refunding

Series

2016A,

4.000%,

6/01/36

6/26

at

100.00

AA+

507,590

1,000

Omaha

Public

Facilities

Corporation,

Nebraska,

Lease

Revenue

Bonds,

Series

2020B,

3.000%,

4/15/40

4/30

at

100.00

AA+

846,990

380

Omaha

Public

Facilities

Corporation,

Nebraska,

Lease

Revenue

Bonds,

Series

2021,

4.000%,

4/15/24

No

Opt.

Call

AA+

381,908

750

Puerto

Rico

Highway

and

Transportation

Authority,

Restructured

Toll

Revenue

Bonds,

Series

2022A,

5.000%,

7/01/62

7/32

at

100.00

N/R

720,937

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

2,610

0.000%,

7/01/46

7/28

at

41.38

N/R

705,326

1,200

5.000%,

7/01/58

7/28

at

100.00

N/R

1,149,528

800

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2,

4.536%,

7/01/53

7/28

at

100.00

N/R

716,048

1,000

Sarpy

County,

Nebraska,

Limited

Tax

Highway

Allocation

Fund

Pledge

Bonds,

Series

2021,

5.000%,

6/01/24

No

Opt.

Call

Aaa

1,016,350

Total

Tax

Obligation/Limited

9,171,259

Transportation

-

4.2%

Guam

A.B.

Won

Pat  International

Airport

Authority,

Revenue

Bonds,

Series

2013C:

145

6.000%,

10/01/34

-

AGM

Insured,

(AMT)

10/23

at

100.00

Baa2

146,006

80

6.375%,

10/01/43,

(AMT)

10/23

at

100.00

Baa2

80,652

70

Hawaii

State,

Harbor

System

Revenue

Bonds,

Series

2020A,

4.000%,

7/01/36,

(AMT)

7/30

at

100.00

Aa3

69,179

825

Lincoln,

Nebraska,

Airport

Revenue

Bonds,

Series

2015A,

4.000%,

7/01/45

7/25

at

100.00

Aa1

806,215

2,000

Lincoln,

Nebraska,

Airport

Revenue

Bonds,

Series

2021,

4.000%,

7/01/36,

(AMT)

7/31

at

100.00

Aa1

2,027,220

Omaha

Airport

Authority,

Nebraska,

Airport

Facilities

Revenue

Bonds,

Series

2017A:

550

5.000%,

12/15/34,

(AMT)

12/26

at

100.00

AA-

570,191

550

5.000%,

12/15/36,

(AMT)

12/26

at

100.00

AA-

566,164

Total

Transportation

4,265,627

59

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

U.S.

Guaranteed

-

7.0%

(4)

Colfax

County

School

District

123

Schuyler

Community

Schools,

Nebraska,

General

Obligation

Bonds,

Refunding

Series

2019:

$

500

4.000%,

12/15/36,

(Pre-refunded

5/22/24)

5/24

at

100.00

A1

$

502,940

500

4.000%,

12/15/39,

(Pre-refunded

5/22/24)

5/24

at

100.00

A1

502,940

750

Douglas

County

School

District

10

Elkhorn,

Nebraska,

General

Obligation

Bonds,

Series

2016,

4.000%,

12/15/36,

(Pre-refunded

12/15/25)

12/25

at

100.00

AA-

766,553

Guam

A.B.

Won

Pat  International

Airport

Authority,

Revenue

Bonds,

Series

2013C:

355

6.000%,

10/01/34,

(Pre-refunded

10/01/23)

-

AGM

Insured,

(AMT)

10/23

at

100.00

Baa2

357,463

85

6.375%,

10/01/43,

(Pre-refunded

10/01/23),

(AMT)

10/23

at

100.00

Baa2

85,693

Omaha

Airport

Authority,

Nebraska,

Airport

Facilities

Revenue

Bonds,

Series

2017A:

450

5.000%,

12/15/34,

(Pre-refunded

12/15/26),

(AMT)

12/26

at

100.00

N/R

476,757

450

5.000%,

12/15/36,

(Pre-refunded

12/15/26),

(AMT)

12/26

at

100.00

N/R

476,757

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+

718,625

365

4.500%,

11/15/29,

(Pre-refunded

11/15/23)

11/23

at

100.00

AA+

366,851

750

Platte

County

School

District

001,

Columbus

Public

Schools,

Nebraska,

General

Obligation

Bonds,

School

Building

Series

2014,

5.000%,

12/15/39,

(Pre-refunded

6/15/24)

6/24

at

100.00

Aa3

761,955

Sarpy

County

School

District

1,

Bellevue

Public

School,

Nebraska,

General

Obligation

Bonds,

School

Building

Series

2017:

550

5.000%,

12/15/29,

(Pre-refunded

12/15/27)

12/27

at

100.00

A1

597,481

520

5.000%,

12/15/35,

(Pre-refunded

12/15/27)

12/27

at

100.00

A1

564,892

600

University

of

Nebraska,

Revenue

Bonds,

Omaha

Student

Housing

Project,

Refunding

Series

2017A,

5.000%,

5/15/32,

(Pre-refunded

11/15/27)

11/27

at

100.00

Aa1

654,612

220

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Three

Pillars

Senior

Living

Communities,

Refunding

Series

2013,

5.000%,

8/15/23,

(ETM)

No

Opt.

Call

N/R

220,671

Total

U.S.

Guaranteed

7,054,190

Utilities

-

17.9%

465

Central

Plains

Energy

Project,

Nebraska,

Gas

Project

3

Revenue

Bonds,

Refunding

Crossover

Series

2017A,

5.000%,

9/01/37

No

Opt.

Call

A

486,227

Columbus,

Nebraska,

Combined

Revenue

Bonds,

Refunding

Series

2020:

375

4.000%,

6/15/34

6/30

at

100.00

AA

388,688

400

4.000%,

6/15/35

6/30

at

100.00

AA

411,660

1,000

District

Energy

Corporation,

Nebraska,

Facility

Revenue

Bonds,

Refunding

Series

2021A,

5.000%,

7/01/28

No

Opt.

Call

AA+

1,100,670

Grand

Island,

Nebraska,

Combined

Utilities

Revenue

Bonds,

Refunding

Series

2020A:

750

4.000%,

8/15/35

-

AGM

Insured

8/30

at

100.00

AA

775,162

515

4.000%,

8/15/37

-

AGM

Insured

8/30

at

100.00

AA

519,321

1,930

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

7/01/40

7/27

at

100.00

A-

1,954,453

870

Lincoln,

Nebraska,

Electric

System

Revenue

Bonds,

Series

2018,

5.000%,

9/01/34

3/27

at

100.00

AA

927,959

450

Lincoln,

Nebraska,

Electric

System

Revenue

Bonds,

Series

2020A,

5.000%,

9/01/33

3/30

at

100.00

AA

505,283

500

Metropolitan

Utilities

District

Omaha,

Nebraska,

Water

Revenue

Bonds,

Series

2015,

3.250%,

12/01/32

12/25

at

100.00

AA

488,565

1,500

Nebraska

Public

Power

District,

General

Revenue

Bonds,

Series

2016A,

5.000%,

1/01/41

1/26

at

100.00

A+

1,533,585

500

Omaha

Public

Power

District,

Nebraska,

Electric

System

Revenue

Bonds,

Refunding

Series

2015C,

4.000%,

2/01/38

2/25

at

100.00

AA

501,070

1,000

Omaha

Public

Power

District,

Nebraska,

Electric

System

Revenue

Bonds,

Series

2016A,

4.000%,

2/01/38

2/26

at

100.00

AA

1,003,630

1,000

Omaha

Public

Power

District,

Nebraska,

Electric

System

Revenue

Bonds,

Series

2017A,

5.000%,

2/01/42

12/27

at

100.00

AA

1,057,240

Nuveen

Nebraska

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

May

31,

2023

60

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Utilities

(continued)

$

1,000

Omaha

Public

Power

District,

Nebraska,

Electric

System

Revenue

Bonds,

Series

2018A,

5.000%,

2/01/39

2/28

at

100.00

AA

$

1,067,260

Omaha

Public

Power

District,

Nebraska,

Electric

System

Revenue

Bonds,

Series

2022B:

750

5.000%,

2/01/47

2/32

at

100.00

AA

822,930

790

5.250%,

2/01/52

2/32

at

100.00

AA

876,553

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+

280,406

300

Omaha,

Nebraska,

Sanitary

Sewage

System

Revenue

Bonds,

Refunding

Series

2020A,

4.000%,

4/01/40

4/30

at

100.00

AA

293,079

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

1,015,620

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

1,540,665

600

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021B,

5.000%,

7/01/29,

144A

No

Opt.

Call

N/R

610,986

Total

Utilities

18,161,012

Total

Municipal

Bonds

(cost

$104,781,164)

98,961,035

Total

Long-Term

Investments

(cost

$104,781,164)

98,961,035

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

SHORT-TERM

INVESTMENTS

-

 0.2%  

X

200,000

MUNICIPAL

BONDS

-

0.2%  

X

200,000

Health

Care

-

0.2%

$

200

Douglas

County

Hospital

Authority

2,

Nebraska,

Health

Facilities

Revenue

Bonds,

Children's

Hospital

Obligated

Group,

Refunding

Series

2008A,

3.900%,

8/15/32

(5)

5/23

at

100.00

Aa1

$

200,000

Total

Health

Care

$

200,000

Total

Municipal

Bonds

(cost

$200,000)

200,000

Total

Short-Term

Investments

(cost

$200,000)

200,000

Total

Investments

(cost

$104,981,164)

-

97.9%

99,161,035

Other

Assets

&

Liabilities,

Net

-

2.1%

2,170,016

Net

Assets

-

100%

$

101,331,051

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

Optional

Call

Provisions

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(3)

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

of

Standard

&

Poor’s

Group

(“Standard

&

Poor’s”),

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

or

Fitch,

Inc.

(“Fitch”)

rating.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Ratings

below

BBB

by

Standard

&

Poor’s,

Baa

by

Moody’s

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

Ratings

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(4)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

(5)

Investment

has

a

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.

AMT

Alternative

Minimum

Tax

ETM

Escrowed

to

maturity

See

Notes

to

Financial

Statements.

61

Nuveen

Oregon

Intermediate

Municipal

Bond

Fund

Portfolio

of

Investments

May

31,

2023

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

LONG-TERM

INVESTMENTS

-

97.6%   

X

178,803,771

MUNICIPAL

BONDS

-

97.6%  

X

178,803,771

Education

and

Civic

Organizations

-

4.1%

$

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

$

1,118,313

Forest

Grove,

Oregon,

Student

Housing

Revenue

Bonds,

Oak

Tree

Foundation,

Inc.

Project,

Series

2017:

440

5.000%,

3/01/24

No

Opt.

Call

BBB

443,049

505

5.000%,

3/01/25

No

Opt.

Call

BBB

511,535

110

Oregon

Facilities

Authority,

Revenue

Bonds,

Howard

Street

Charter

School

Project,

Series

2019A,

5.000%,

6/15/29,

144A

6/27

at

102.00

N/R

108,255

920

Oregon

Facilities

Authority,

Revenue

Bonds,

Metro

East

Web

Academy

Project,

Series

2019A,

5.000%,

6/15/34,

144A

6/27

at

102.00

N/R

896,384

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

99,910

600

Oregon

Facilities

Authority,

Revenue

Bonds,

Redmond

Proficiency

Academy

Project,

Series

2016A,

5.000%,

6/15/33

6/25

at

100.00

N/R

572,628

Oregon

Facilities

Authority,

Revenue

Bonds,

University

of

Portland

Projects,

Series

2015A:

450

5.000%,

4/01/29

4/25

at

100.00

A+

464,557

800

5.000%,

4/01/30

4/25

at

100.00

A+

826,296

490

Oregon

State

Facilities

Authority,

Oregon,

Charter

School

Revenue

Bonds,

Academy

for

Character

Education,

Series

2022A,

6.750%,

6/15/42,

144A

6/32

at

100.00

N/R

492,940

1,000

Yamhill

County,

Oregon,

Revenue

Bonds,

George

Fox

University

Project,

Refunding

Series

2021,

4.000%,

12/01/36

12/31

at

100.00

A-

978,230

1,000

Yamhill

County,

Oregon,

Revenue

Bonds,

Linfield

University

Project,

Refunding

Series

2020A,

5.000%,

10/01/35

10/30

at

100.00

Baa3

1,037,280

Total

Education

and

Civic

Organizations

7,549,377

Health

Care

-

14.7%

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

377,460

1,000

5.000%,

1/01/33

1/26

at

100.00

A

1,035,430

715

Deschutes

County

Hospital

Facility

Authority,

Oregon,

Hospital

Revenue

Bonds,

Saint

Charles

Health

System,

Inc.,

Series

2020A,

4.000%,

1/01/34

1/31

at

100.00

A

729,951

Klamath

Falls

Intercommunity

Hospital

Authority,

Oregon,

Revenue

Bonds,

Sky

Lakes

Medical

Center

Project,

Refunding

Series

2016:

730

5.000%,

9/01/29

9/26

at

100.00

A

758,112

200

5.000%,

9/01/30

9/26

at

100.00

A

207,498

760

5.000%,

9/01/31

9/26

at

100.00

A

788,477

270

5.000%,

9/01/32

9/26

at

100.00

A

279,996

1,000

Oregon

Facilities

Authority,

Revenue

Bonds,

Legacy

Health

Project,

Series

2016A,

5.000%,

6/01/30

6/26

at

100.00

A+

1,041,690

Oregon

Facilities

Authority,

Revenue

Bonds,

Peacehealth

System,

Refunding

Series

2014A:

690

5.000%,

11/15/25

5/24

at

100.00

A+

698,535

4,155

4.125%,

11/15/32

5/24

at

100.00

A+

4,172,908

600

Oregon

Facilities

Authority,

Revenue

Bonds,

Samaritan

Health

Services

Project,

Refunding

Series

2020A,

5.000%,

10/01/30

No

Opt.

Call

BBB+

642,072

Oregon

Facilities

Authority,

Revenue

Bonds,

Samaritan

Health

Services,

Refunding

Series

2016A:

485

5.000%,

10/01/29

10/26

at

100.00

BBB+

501,393

1,325

5.000%,

10/01/30

10/26

at

100.00

BBB+

1,370,434

4,105

Oregon

Health

and

Science

University,

Revenue

Bonds,

Green

Series

2021B-1,

5.000%,

7/01/46,

(Mandatory

Put

2/01/30)

11/29

at

100.00

AA-

4,526,707

1,000

Oregon

Health

and

Science

University,

Revenue

Bonds,

Series

2019A,

5.000%,

7/01/29

No

Opt.

Call

AA-

1,113,840

Nuveen

Oregon

Intermediate

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

May

31,

2023

62

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Health

Care

(continued)

Salem

Hospital

Facility

Authority,

Oregon,

Revenue

Bonds,

Salem

Health

Projects,

Refunding

Series

2016A:

$

1,355

5.000%,

5/15/29

5/26

at

100.00

AA-

$

1,419,444

560

5.000%,

5/15/30

5/26

at

100.00

AA-

584,589

1,000

5.000%,

5/15/31

5/26

at

100.00

AA-

1,044,070

1,200

5.000%,

5/15/46

5/26

at

100.00

AA-

1,222,212

2,235

Salem

Hospital

Facility

Authority,

Oregon,

Revenue

Bonds,

Salem

Health

Projects,

Series

2019A,

5.000%,

5/15/32

5/29

at

100.00

AA-

2,414,649

Union

County

Oregon,

Hospital

Facility

Authority

Revenue

Bonds,

Grande

Ronde

Hospital

Incorporated,

Series

2022:

1,230

5.000%,

7/01/33

7/32

at

100.00

BBB

1,307,564

695

5.000%,

7/01/34

7/32

at

100.00

BBB

737,645

Total

Health

Care

26,974,676

Housing/Multifamily

-

0.3%

195

Clackamas

County

Housing

Authority,

Oregon,

Multifamily

Housing

Revenue

Bonds,

Easton

Ridge

Apartments

Project,

Series

2013A,

4.000%,

9/01/23

6/23

at

100.00

Aa2

195,014

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

346,276

Total

Housing/Multifamily

541,290

Housing/Single

Family

-

0.8%

Oregon

Housing

and

Community

Services

Department,

Single

Family

Mortgage

Program

Revenue

Bonds,

Series

2021A:

935

1.900%,

1/01/33

7/30

at

100.00

Aa2

786,691

825

1.950%,

7/01/33

7/30

at

100.00

Aa2

691,424

Total

Housing/Single

Family

1,478,115

Long-Term

Care

-

6.4%

Clackamas

County

Hospital

Facility

Authority,

Oregon,

Revenue

Bonds,

Rose

Villa

Inc.,

Series

2020A:

285

5.000%,

11/15/27

11/25

at

102.00

N/R

287,137

300

5.000%,

11/15/28

11/25

at

102.00

N/R

301,653

315

5.000%,

11/15/29

11/25

at

102.00

N/R

316,112

330

5.000%,

11/15/30

11/25

at

102.00

N/R

330,512

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

521,503

445

4.000%,

11/15/24

No

Opt.

Call

N/R

440,541

355

4.000%,

5/15/25

No

Opt.

Call

N/R

349,952

460

4.000%,

11/15/25

No

Opt.

Call

N/R

451,881

200

4.000%,

5/15/26

11/25

at

102.00

N/R

195,532

400

4.000%,

11/15/26

11/25

at

102.00

N/R

389,672

350

4.000%,

5/15/27

11/25

at

102.00

N/R

337,943

350

4.000%,

11/15/27

11/25

at

102.00

N/R

336,577

450

Medford

Hospital

Facilities

Authority,

Oregon,

Revenue

Bonds,

Rogue

Valley

Manor,

Series

2013A,

5.000%,

10/01/24

10/23

at

100.00

A-

450,292

1,500

Multnomah

County

Hospital

Facilities

Authority,

Oregon,

Revenue

Bond,

Terwilliger

Plaza,

Inc.,

Refunding

Series

2012,

5.000%,

12/01/29

6/23

at

100.00

BB+

1,468,275

325

Multnomah

County

Hospital

Facilities

Authority,

Oregon,

Revenue

Bond,

Terwilliger

Plaza,

Inc.,

Refunding

Series

2016,

5.000%,

12/01/30

12/26

at

100.00

BB+

316,290

300

Multnomah

County

Hospital

Facilities

Authority,

Oregon,

Revenue

Bonds,

Mirabella

South

Waterfront,

Refunding

Series

2014A,

5.000%,

10/01/24

No

Opt.

Call

N/R

299,064

1,040

Polk

County

Hospital

Facility

Authority,

Oregon,

Revenue

Bonds,

Dallas

Retirement

Village

Project,

Series

2015A,

5.125%,

7/01/35

7/25

at

100.00

N/R

961,688

1,540

Salem

Hospital

Facility

Authority,

Oregon,

Revenue

Bonds,

Capital

Manor,

Inc.,

Refunding

Bonds,

Series

2022,

4.000%,

5/15/40

5/29

at

103.00

BBB-

1,239,038

1,150

Yamhill

County

Hospital

Authority,

Oregon,

Revenue

Bonds,

Friendsview

Retirement

Community,

Refunding

Series

2016A,

5.000%,

11/15/31

11/24

at

102.00

N/R

1,060,933

63

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Long-Term

Care

(continued)

$

1,940

Yamhill

County

Hospital

Authority,

Oregon,

Revenue

Bonds,

Friendsview

Retirement

Community,

Refunding

Series

2021A,

5.000%,

11/15/36

11/28

at

103.00

N/R

$

1,670,631

Total

Long-Term

Care

11,725,226

Tax

Obligation/General

-

45.2%

1,365

Beaverton

School

District

48J,

Washington

and

Multnomah

Counties,

Oregon,

General

Obligation

Bonds,

Convertible

Deferred

Interest

Series

2017D,

5.000%,

6/15/26

No

Opt.

Call

AA+

1,443,720

2,000

Beaverton

School

District

48J,

Washington

and

Multnomah

Counties,

Oregon,

General

Obligation

Bonds,

Deferred

Interest

Series

2017B,

0.000%,

6/15/33

6/27

at

78.57

AA+

1,340,520

Benton

and

Linn

Counties

District

School

District

509J

Corvallis,

Oregon,

General

Obligation

Bonds,

Series

2018A:

350

5.000%,

6/15/26

No

Opt.

Call

AA+

370,391

2,835

5.000%,

6/15/27

No

Opt.

Call

AA+

3,063,756

1,000

Boardman,

Morrow

County,

Oregon,

General

Obligation

Bonds,

Series

2021,

4.000%,

6/15/35

-

BAM

Insured

6/29

at

100.00

AA

1,039,220

200

Clackamas

and

Multnomah

Counties

School

District

7J

Lake

Oswego,

Oregon,

General

Obligation

Bonds,

Refunding

Series

2005,

5.250%,

6/01/25

-

AGM

Insured

No

Opt.

Call

Aa2

208,134

1,665

Clackamas

and

Multnomah

Counties

School

District

7J

Lake

Oswego,

Oregon,

General

Obligation

Bonds,

Series

2017,

4.000%,

6/01/32

6/27

at

100.00

AA+

1,719,695

1,250

Clackamas

and

Washington

Counties

School

District

3JT,

Oregon,

General

Obligation

Bonds,

Refunding

Series

2015,

5.000%,

6/15/28

6/25

at

100.00

AA+

1,294,062

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+

1,077,530

Clackamas

County

School

District

12,

North

Clackamas,

Oregon,

General

Obligation

Bonds,

Series

2018:

585

5.000%,

6/15/31

6/28

at

100.00

Aa1

645,694

550

5.000%,

6/15/32

6/28

at

100.00

Aa1

606,639

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+

1,615,695

605

Clackamas

County

School

District

62,

Oregon

City,

Oregon,

General

Obligation

Bonds,

Refunding

Series

2018B,

5.000%,

6/15/33

6/28

at

100.00

AA+

666,904

560

Clatsop

County

School

District

1C

Astoria,

Oregon,

General

Obligation

Bonds,

Series

2019B,

5.000%,

6/15/30

6/29

at

100.00

Aa1

628,578

500

Clatsop

County,

Oregon,

General

Obligation

Bonds,

Series

2019,

5.000%,

6/15/31

6/29

at

100.00

Aa2

562,530

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

482,229

1,190

Crook

County,

Oregon,

General

Obligation

Bonds,

Convertible

Capital

appreciation

Series

2022,

0.000%,

6/01/33

(4)

6/32

at

100.00

AA-

1,120,111

1,000

David

Douglas

School

District

40,

Multnomah

County,

Oregon,

General

Obligation

Bonds,

Series

2012B,

0.000%,

6/15/25

No

Opt.

Call

AA+

929,790

2,000

David

Douglas

School

District

40,

Multnomah

County,

Oregon,

General

Obligation

Bonds,

Series

2023A,

0.000%,

6/15/35

6/33

at

92.02

AA+

1,219,660

1,335

Deschutes

County

Administrative

School

District

1,

Bend-La

Pine,

Oregon,

General

Obligation

Bonds,

Series

2023,

5.000%,

6/15/36

6/33

at

100.00

Aa1

1,538,961

2,035

Greater

Albany

School

District

8J,

Linn

&

Benton

Counties,

Oregon,

General

Obligation

Bonds,

Series

2017,

5.000%,

6/15/32

6/27

at

100.00

AA+

2,189,558

2,825

Hood

River

County

School

District,

Oregon,

General

Obligation

Bonds,

Refunding

Series

2016,

4.000%,

6/15/29

6/26

at

100.00

AA+

2,907,010

1,845

Jackson

County

School

District

5

Ashland,

Oregon,

General

Obligation

Bonds,

Series

2019,

5.000%,

6/15/34

6/29

at

100.00

AA+

2,060,791

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+

1,294,312

Jackson

County

School

District

6,

Central

Point,

Oregon,

General

Obligation

Bonds,

Series

2019A:

1,675

4.000%,

6/15/34

6/29

at

100.00

Aa1

1,735,719

1,700

4.000%,

6/15/35

6/29

at

100.00

Aa1

1,751,629

315

Keizer,

Oregon,

General

Obligation

Assessment

Bonds,

Keizer

Station

Area

A

Local

Improvement

District,

Series

2008,

5.200%,

6/01/31

7/23

at

100.00

Aa3

315,633

Nuveen

Oregon

Intermediate

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

May

31,

2023

64

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/General

(continued)

$

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

$

1,256,040

Lane

Community

College,

Lane,

Linn,

Benton

and

Douglas

Counties,

Oregon,

General

Obligation

Bonds,

Series

2020A:

1,000

4.000%,

6/15/33

6/30

at

100.00

Aa1

1,062,560

1,750

4.000%,

6/15/34

6/30

at

100.00

Aa1

1,857,362

3,900

Lane

County

School

District

4J

Eugene,

Oregon,

General

Obligation

Bonds,

School

Bond

Guaranty

Series

2019,

4.000%,

6/15/35

6/29

at

100.00

Aa1

4,052,958

510

Lebanon

Rural

Fire

Protection

District,

Linn

County,

Oregon,

General

Obligation

Bonds,

Series

2020,

4.000%,

6/15/33

-

BAM

Insured

6/27

at

100.00

AA

523,081

2,000

Marion

and

Polk

Counties

School

District

24J,

Salem-Kreizer,

Oregon,

General

Obligation

Bonds,

Convertible

Deferred

Interest

Series

2020B,

5.000%,

6/15/34

6/30

at

100.00

AA+

2,277,140

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+

1,655,625

2,000

5.000%,

6/15/33

6/28

at

100.00

AA+

2,204,640

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+

1,103,250

2,500

Metro,

Oregon,

General

Obligation

Bonds,

Series

2020A,

4.000%,

6/01/34

6/30

at

100.00

AAA

2,647,025

75

Multnomah

County

School

District

7,

Reynolds,

Oregon,

General

Obligation

Bonds,

Refunding

Series

2020,

3.000%,

6/01/34

6/30

at

100.00

Aa3

71,405

2,250

Multnomah

County

School

District

7,

Reynolds,

Oregon,

General

Obligation

Bonds,

Series

2015A,

5.000%,

6/15/30

6/25

at

100.00

Aa1

2,328,413

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+

1,312,035

Oregon

City,

Oregon,

General

Obligation

Bonds,

Series

2018:

360

5.000%,

6/01/30

6/28

at

100.00

AA+

396,659

765

5.000%,

6/01/31

6/28

at

100.00

AA+

843,076

Pacific

Communities

Health

District,

Oregon,

General

Obligation

Bonds,

Series

2016:

325

5.000%,

6/01/27

6/26

at

100.00

A1

340,710

350

5.000%,

6/01/28

6/26

at

100.00

A1

366,310

750

5.000%,

6/01/29

6/26

at

100.00

A1

783,638

1,000

5.000%,

6/01/30

6/26

at

100.00

A1

1,043,110

770

5.000%,

6/01/31

6/26

at

100.00

A1

801,639

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+

1,334,606

Port

of

Alsea,

Lincoln

County,

Oregon,

General

Obligation

Bonds,

Series

2018:

225

3.750%,

6/15/28

No

Opt.

Call

N/R

223,472

180

4.000%,

6/15/33

6/28

at

100.00

N/R

181,660

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+

950,562

1,050

Portland

Community

College

District,

Multnomah

County,

Oregon,

General

Obligation

Bonds,

Series

2018,

5.000%,

6/15/30

6/26

at

100.00

AA+

1,107,425

350

Redmond,

Oregon,

Full

Faith

and

Credit

Obligations,

Series

2014A,

5.000%,

6/01/25

6/24

at

100.00

Aa2

355,639

630

Redmond,

Oregon,

Full

Faith

and

Credit

Obligations,

Series

2019B-1,

5.000%,

6/01/36

12/28

at

100.00

Aa2

691,664

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

515,055

2,285

Saint

Helens,

Oregon,

Full

Faith

and

Credit

Obligations,

Series

2021,

4.000%,

8/01/41

8/31

at

100.00

AA

2,297,362

Umatilla

County

School

District

6R

Umatilla,

Oregon,

General

Obligation

Bonds,

Series

2017:

245

0.000%,

6/15/27

(4)

No

Opt.

Call

AA+

263,316

340

0.000%,

6/15/29

(4)

6/27

at

100.00

AA+

367,044

315

0.000%,

6/15/31

(4)

6/27

at

100.00

AA+

339,110

65

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/General

(continued)

$

1,260

Washington

and

Clackamas

Counties

School

District

23J

Tigard-Tualatin,

Oregon,

General

Obligation

Bonds,

Series

2017,

5.000%,

6/15/30

6/27

at

100.00

AA+

$

1,359,175

965

Washington

County

School

District

15,

Forest

Grove,

Oregon,

General

Obligation

Bonds,

Series

2012B,

0.000%,

6/15/25

No

Opt.

Call

AA+

897,788

1,000

Washington

County

School

District

15,

Forest

Grove,

Oregon,

General

Obligation

Bonds,

Series

2023,

5.000%,

6/15/35

6/33

at

100.00

AA+

1,169,190

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

1,355,270

Washington

Multnomah

&

Yamhill

Counties

School

District

1J

Hillsboro,

Oregon,

General

Obligation

Bonds,

Series

2017:

3,750

5.000%,

6/15/32

6/27

at

100.00

Aa1

4,024,462

1,450

5.000%,

6/15/34

6/27

at

100.00

Aa1

1,549,876

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+

1,073,190

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+

1,020,480

1,000

4.000%,

6/15/32

6/26

at

100.00

AA+

1,016,220

Total

Tax

Obligation/General

82,847,713

Tax

Obligation/Limited

-

10.1%

1,000

Beaverton,

Oregon,

Special

Revenue

Bonds,

Series

2020A,

4.000%,

6/01/37

6/30

at

100.00

Aa3

1,018,170

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2015D:

2,260

5.000%,

11/15/28

11/25

at

100.00

BB

2,296,906

500

5.000%,

11/15/29

11/25

at

100.00

BB

508,710

Matching

Fund

Special

Purpose

Securitization

Corporation,

Virgin

Islands,

Revenue

Bonds,

Series

2022A:

1,635

5.000%,

10/01/28

No

Opt.

Call

N/R

1,644,107

460

5.000%,

10/01/32

No

Opt.

Call

N/R

457,594

750

Metro,

Oregon,

Dedicated

Tax

Revenue

Bonds,

Oregon

Convention

Center

Hotel,

Series

2017,

5.000%,

6/15/30

6/27

at

100.00

Aa3

800,190

2,000

Oregon

State

Department

of

Transportation,

Highway

User

Tax

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2019A,

5.000%,

11/15/35

11/29

at

100.00

AA+

2,228,800

750

Oregon

State

Department

of

Transportation,

Highway

User

Tax

Revenue

Bonds,

Senior

Lien

Series

2022A,

5.000%,

11/15/35

11/32

at

100.00

AAA

870,360

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

499

0.000%,

7/01/29

7/28

at

98.64

N/R

382,513

2,191

0.000%,

7/01/31

7/28

at

91.88

N/R

1,519,918

1,906

0.000%,

7/01/33

7/28

at

86.06

N/R

1,192,089

616

4.500%,

7/01/34

7/25

at

100.00

N/R

617,534

1,600

Seaside,

Clatsop

County,

Oregon,

Transient

Lodgings

Tax

Revenue

Bonds,

Series

2018,

5.000%,

12/15/30

6/28

at

100.00

A3

1,746,224

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

1,080,740

2,060

4.000%,

10/01/33

4/28

at

100.00

A

2,085,750

Total

Tax

Obligation/Limited

18,449,605

Transportation

-

4.5%

Jackson

County,

Oregon,

Airport

Revenue

Bonds,

Refunding

Series

2016:

395

5.000%,

12/01/30

-

AGM

Insured

6/26

at

100.00

AA

415,978

430

5.000%,

12/01/31

-

AGM

Insured

6/26

at

100.00

AA

452,769

380

5.000%,

12/01/33

-

AGM

Insured

6/26

at

100.00

AA

399,654

350

4.000%,

12/01/34

-

AGM

Insured

6/26

at

100.00

AA

354,011

1,265

Port

of

Portland,

Oregon,

International

Airport

Revenue

Bonds,

Series

2015-23,

5.000%,

7/01/28

7/25

at

100.00

AA-

1,315,195

Nuveen

Oregon

Intermediate

Municipal

Bond

Fund

(continued)

Portfolio

of

Investments

May

31,

2023

66

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Transportation

(continued)

$

1,850

Port

of

Portland,

Oregon,

International

Airport

Revenue

Bonds,

Series

2019-25B,

5.000%,

7/01/33,

(AMT)

7/29

at

100.00

AA-

$

1,981,017

3,040

Port

of

Portland,

Oregon,

International

Airport

Revenue

Bonds,

Series

2022-28,

5.000%,

7/01/34,

(AMT)

7/32

at

100.00

AA-

3,339,774

Total

Transportation

8,258,398

U.S.

Guaranteed

-

1.8%

(5)

Oregon

Facilities

Authority,

Revenue

Bonds,

Reed

College,

Series

2017A:

795

5.000%,

7/01/30,

(Pre-refunded

7/01/27)

7/27

at

100.00

Aa2

857,400

425

4.000%,

7/01/32,

(Pre-refunded

7/01/27)

7/27

at

100.00

Aa2

442,127

Tri-County

Metropolitan

Transportation

District,

Oregon,

Payroll

Tax

Revenue

Bonds,

Senior

Lien

Series

2018A:

1,000

5.000%,

9/01/30,

(Pre-refunded

9/01/27)

9/27

at

100.00

AAA

1,086,340

855

5.000%,

9/01/31,

(Pre-refunded

9/01/27)

9/27

at

100.00

AAA

928,821

Total

U.S.

Guaranteed

3,314,688

Utilities

-

9.7%

Beaverton,

Oregon,

Water

Revenue

Bonds,

Series

2022:

2,090

4.000%,

4/01/35

4/32

at

100.00

AA+

2,233,332

2,150

4.000%,

4/01/36

4/32

at

100.00

AA+

2,259,113

Central

Lincoln

Peoples

Utility

District,

Oregon,

Electric

Revenue

Bonds,

Series

2016:

500

3.500%,

12/01/29

12/25

at

100.00

AA-

507,910

350

5.000%,

12/01/33

12/25

at

100.00

AA-

361,956

350

5.000%,

12/01/34

12/25

at

100.00

AA-

361,956

270

Clackamas

River

Water,

Oregon,

Water

Revenue

Bonds,

Series

2016,

5.000%,

11/01/33

5/25

at

100.00

AA

276,286

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-

1,094,714

1,120

5.000%,

7/01/29

7/26

at

100.00

A-

1,151,752

1,180

5.000%,

7/01/30

7/26

at

100.00

A-

1,213,783

1,880

Portland,

Oregon,

Sewer

System

Revenue

Bonds,

Second

Lien

Series

2018A,

4.500%,

5/01/30

5/26

at

100.00

AA

1,946,721

2,500

Portland,

Oregon,

Water

System

Revenue

Bonds,

Refunding

First

Lien

Series

2016A,

4.000%,

4/01/33

4/26

at

100.00

Aa1

2,556,825

2,000

Portland,

Oregon,

Water

System

Revenue

Bonds,

Refunding

First

Lien

Series

2022A,

4.000%,

4/01/35

10/31

at

100.00

AA+

2,106,300

1,000

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021B,

5.000%,

7/01/29,

144A

No

Opt.

Call

N/R

1,018,310

525

Warm

Springs

Reservation

Confederated

Tribes,

Oregon,

Hydroelectric

Revenue

Bonds,

Tribal

Economic

Development

Bond

Pelton

Round

Butte

Project,

Taxable

Refunding

Green

Series

2019B,

5.000%,

11/01/33,

144A

5/29

at

100.00

A3

575,725

Total

Utilities

17,664,683

Total

Municipal

Bonds

(cost

$181,796,325)

178,803,771

Total

Long-Term

Investments

(cost

$181,796,325)

178,803,771

Other

Assets

&

Liabilities,

Net

-

2.4%

4,462,567

Net

Assets

-

100%

$

183,266,338

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

Optional

Call

Provisions

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(3)

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

of

Standard

&

Poor’s

Group

(“Standard

&

Poor’s”),

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

or

Fitch,

Inc.

(“Fitch”)

rating.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Ratings

below

BBB

by

Standard

&

Poor’s,

Baa

by

Moody’s

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

Ratings

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

67

(4)

Step-up

coupon

bond,

a

bond

with

a

coupon

that

increases

("steps

up"),

usually

at

regular

intervals,

while

the

bond

is

outstanding.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(5)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

AMT

Alternative

Minimum

Tax

See

Notes

to

Financial

Statements.

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements.

68

May

31,

2023

Minnesota

Intermediate

Minnesota

Nebraska

Oregon

Intermediate

ASSETS

Long-term

investments,

at

value

†

$

336,874,296‌

$

529,936,999‌

$

98,961,035‌

$

178,803,771‌

Short-term

investments,

at

value

◊

–‌

5,000,000‌

200,000‌

–‌

Cash

–‌

1,990,764‌

891,625‌

1,381,169‌

Receivables:

Interest

4,197,216‌

7,184,617‌

1,462,574‌

2,546,271‌

Investments

sold

285,000‌

80,000‌

–‌

320,000‌

Shares

sold

749,549‌

1,381,939‌

24,921‌

907,339‌

Other

assets

41,520‌

46,681‌

22,692‌

19,823‌

Total

assets

342,147,581‌

545,621,000‌

101,562,847‌

183,978,373‌

LIABILITIES

Cash

overdraft

1,768,333‌

–‌

–‌

–‌

Payables:

Dividends

305,386‌

249,328‌

18,202‌

148,117‌

Investments

purchased

-

regular

settlement

–‌

1,940,327‌

–‌

–‌

Shares

redeemed

328,336‌

998,551‌

108,223‌

391,031‌

Accrued

expenses:

Custodian

fees

46,011‌

61,529‌

22,766‌

33,051‌

Management

fees

151,865‌

231,894‌

41,597‌

84,842‌

Directors

fees

25,622‌

25,046‌

1,407‌

4,292‌

Professional

fees

12,106‌

18,564‌

3,576‌

6,805‌

Shareholder

reporting

expenses

14,832‌

22,727‌

8,825‌

9,502‌

Shareholder

servicing

agent

fees

27,000‌

56,371‌

8,643‌

17,233‌

12b-1

distribution

and

service

fees

22,169‌

50,888‌

9,251‌

6,551‌

Other

7,524‌

9,439‌

9,306‌

10,611‌

Total

liabilities

2,709,184‌

3,664,664‌

231,796‌

712,035‌

Net

assets

$

339,438,397‌

$

541,956,336‌

$

101,331,051‌

$

183,266,338‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

$

361,347,101‌

$

607,468,078‌

$

115,407,698‌

$

198,469,896‌

Total

distributable

earnings

(loss)

(

21,908,704‌

)

(

65,511,742‌

)

(

14,076,647‌

)

(

15,203,558‌

)

Net

assets

339,438,397‌

541,956,336‌

101,331,051‌

183,266,338‌

†

Long-term

investments,

cost

$

344,510,407‌

$

551,002,470‌

$

104,781,164‌

$

181,796,325‌

◊

Short-term

investments,

cost

$

—‌

$

5,000,000‌

$

200,000‌

$

—‌

Minnesota

Intermediate

Minnesota

Nebraska

Oregon

Intermediate

CLASS

A:

Net

assets

$

85,313,009

$

206,857,715

$

44,057,153

$

26,803,747

Shares

outstanding

8,814,570

19,370,531

4,531,614

2,776,346

Net

asset

value

("NAV")

per

share

$

9.68

$

10.68

$

9.72

$

9.65

Maximum

sales

charge

3.00%

4.20%

4.20%

3.00%

Offering

price

per

share

(NAV

per

share

plus

maximum

sales

charge)

$

9.98

$

11.15

$

10.15

$

9.95

CLASS

C:

Net

assets

$

8,828,505

$

17,823,751

$

1,984,768

$

2,217,923

Shares

outstanding

918,001

1,670,749

204,504

231,062

NAV

and

offering

price

per

share

$

9.62

$

10.67

$

9.71

$

9.60

CLASS

I:

Net

assets

$

245,296,883

$

317,274,870

$

55,289,130

$

154,244,668

Shares

outstanding

25,453,234

29,752,496

5,677,697

15,947,280

NAV

and

offering

price

per

share

$

9.64

$

10.66

$

9.74

$

9.67

Authorized

shares

-

per

class

2

billion

2

billion

2

billion

2

billion

Par

value

per

share

$  

0.0001

$  

0.0001

$  

0.0001

$  

0.0001

Statement

of

Operations

See

Notes

to

Financial

Statements.

69

Year

Ended

May

31,

2023

Minnesota

Intermediate

Minnesota

Nebraska

Oregon

Intermediate

INVESTMENT

INCOME

Interest

$

12,303,404‌

$

21,421,207‌

$

3,093,938‌

$

6,156,622‌

Total

investment

income

12,303,404‌

21,421,207‌

3,093,938‌

6,156,622‌

EXPENSES

–

–

–

–

Management

fees

1,867,425‌

2,811,383‌

563,464‌

1,070,325‌

12b-1

service

fees

-

Class

A

191,467‌

420,140‌

96,281‌

59,550‌

12b-1

distribution

and

service

fees

-

Class

C

101,737‌

212,351‌

22,334‌

26,054‌

Shareholder

servicing

agent

fees

109,462‌

218,539‌

37,826‌

63,318‌

Interest

expense

13,382‌

26,720‌

7,553‌

8,340‌

Directors

fees

13,249‌

20,391‌

3,953‌

7,304‌

Custodian

expenses,

net

59,901‌

86,882‌

24,448‌

35,235‌

Federal

and

state

registration

fees

22,151‌

27,101‌

37,210‌

19,143‌

Professional

fees

69,855‌

87,307‌

50,348‌

57,317‌

Shareholder

reporting

expenses

28,109‌

41,222‌

18,228‌

17,498‌

Other

9,520‌

12,039‌

5,387‌

6,884‌

Total

expenses

before

fee

waiver/expense

reimbursement

2,486,258‌

3,964,075‌

867,032‌

1,370,968‌

Fee

waiver/expense

reimbursement

—‌

—‌

(

79,459‌

)

—‌

Net

expenses

2,486,258‌

3,964,075‌

787,573‌

1,370,968‌

Net

investment

income

(loss)

9,817,146‌

17,457,132‌

2,306,365‌

4,785,654‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

(

5,023,204‌

)

(

19,871,482‌

)

(

3,901,351‌

)

(

4,124,935‌

)

Net

realized

gain

(loss)

(

5,023,204‌

)

(

19,871,482‌

)

(

3,901,351‌

)

(

4,124,935‌

)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

(

3,229,831‌

)

(

5,454,547‌

)

(

213,731‌

)

(

834,709‌

)

Change

in

net

unrealized

appreciation

(depreciation)

(

3,229,831‌

)

(

5,454,547‌

)

(

213,731‌

)

(

834,709‌

)

Net

realized

and

unrealized

gain

(loss)

(

8,253,035‌

)

(

25,326,029‌

)

(

4,115,082‌

)

(

4,959,644‌

)

Net

increase

(decrease)

in

net

assets

from

operations

$

1,564,111‌

$

(

7,868,897‌

)

$

(

1,808,717‌

)

$

(

173,990‌

)

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements.

70

Minnesota

Intermediate

Minnesota

Year

Ended

5/31/23

Year

Ended

5/31/22

Year

Ended

5/31/23

Year

Ended

5/31/22

OPERATIONS

Net

investment

income

(loss)

$

9,817,146‌

$

9,248,303‌

$

17,457,132‌

$

15,607,600‌

Net

realized

gain

(loss)

(5,023,204‌)

(7,153,779‌)

(19,871,482‌)

(13,409,886‌)

Change

in

net

unrealized

appreciation

(depreciation)

(3,229,831‌)

(27,817,251‌)

(5,454,547‌)

(55,058,920‌)

Net

increase

(decrease)

in

net

assets

from

operations

1,564,111‌

(25,722,727‌)

(7,868,897‌)

(52,861,206‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(1)

Dividends:

Class

A

(2,422,188‌)

(2,312,868‌)

(6,151,094‌)

(4,737,972‌)

Class

C

(175,594‌)

(123,294‌)

(449,484‌)

(302,321‌)

Class

I

(6,902,951‌)

(5,918,554‌)

(10,316,848‌)

(8,919,286‌)

Decrease

in

net

assets

from

distributions

to

shareholders

(9,500,733‌)

(8,354,716‌)

(16,917,426‌)

(13,959,579‌)

FUND

SHARE

TRANSACTIONS

Proceeds

from

sale

of

shares

198,176,296‌

105,170,534‌

249,103,974‌

205,453,383‌

Proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

5,828,601‌

4,782,090‌

13,760,678‌

10,981,624‌

204,004,897‌

109,952,624‌

262,864,652‌

216,435,007‌

Cost

of

shares

redeemed

(253,882,060‌)

(137,183,259‌)

(339,973,222‌)

(238,901,086‌)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

(49,877,163‌)

(27,230,635‌)

(77,108,570‌)

(22,466,079‌)

Net

increase

(decrease)

in

net

assets

(57,813,785‌)

(61,308,078‌)

(101,894,893‌)

(89,286,864‌)

Net

assets

at

the

beginning

of

period

397,252,182‌

458,560,260‌

643,851,229‌

733,138,093‌

Net

assets

at

the

end

of

period

$

339,438,397‌

$

397,252,182‌

$

541,956,336‌

$

643,851,229‌

See

Notes

to

Financial

Statements.

71

Nebraska

Oregon

Intermediate

Year

Ended

5/31/23

Year

Ended

5/31/22

Year

Ended

5/31/23

Year

Ended

5/31/22

OPERATIONS

Net

investment

income

(loss)

$

2,306,365‌

$

2,239,971‌

$

4,785,654‌

$

5,165,706‌

Net

realized

gain

(loss)

(3,901,351‌)

(2,077,818‌)

(4,124,935‌)

(4,775,667‌)

Change

in

net

unrealized

appreciation

(depreciation)

(213,731‌)

(11,926,159‌)

(834,709‌)

(19,723,196‌)

Net

increase

(decrease)

in

net

assets

from

operations

(1,808,717‌)

(11,764,006‌)

(173,990‌)

(19,333,157‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(1)

Dividends:

Class

A

(920,535‌)

(942,416‌)

(625,245‌)

(563,447‌)

Class

C

(24,927‌)

(20,835‌)

(34,185‌)

(28,340‌)

Class

I

(1,220,820‌)

(1,217,450‌)

(3,858,764‌)

(4,360,350‌)

Decrease

in

net

assets

from

distributions

to

shareholders

(2,166,282‌)

(2,180,701‌)

(4,518,194‌)

(4,952,137‌)

FUND

SHARE

TRANSACTIONS

Proceeds

from

sale

of

shares

17,813,252‌

27,213,356‌

84,808,781‌

83,758,861‌

Proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

1,957,345‌

1,985,922‌

2,722,809‌

2,656,151‌

19,770,597‌

29,199,278‌

87,531,590‌

86,415,012‌

Cost

of

shares

redeemed

(37,063,131‌)

(24,912,964‌)

(126,314,973‌)

(123,675,164‌)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

(17,292,534‌)

4,286,314‌

(38,783,383‌)

(37,260,152‌)

Net

increase

(decrease)

in

net

assets

(21,267,533‌)

(9,658,393‌)

(43,475,567‌)

(61,545,446‌)

Net

assets

at

the

beginning

of

period

122,598,584‌

132,256,977‌

226,741,905‌

288,287,351‌

Net

assets

at

the

end

of

period

$

101,331,051‌

$

122,598,584‌

$

183,266,338‌

$

226,741,905‌

(1)

Class

C2

Shares

were

converted

to

Class

A

Shares

at

the

close

of

business

on

June

4,

2021

and

are

no

longer

available

for

reinvestment

or

through

an

exchange

from

other

Nuveen

mutual

funds.

During

the

year

ended

May

31,

2022,

there

were

no

distributions

from

Class

C2

Shares.

Financial

Highlights

72

The

following

data

is

for

a

share

outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

Net

Asset

Value

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Ending

Net

Asset

Value

Minnesota

Intermediate

Class

A

5/31/23

$

9.86

$

0.25

$

(

0.18

)

$

0.07

$

(

0.25

)

$

—

$

(

0.25

)

$

9.68

5/31/22

10.65

0.20

(

0.80

)

(

0.60

)

(

0.19

)

—

(

0.19

)

9.86

5/31/21

10.48

0.22

0.17

0.39

(

0.22

)

—

(

0.22

)

10.65

5/31/20

10.49

0.26

0.01

0.27

(

0.28

)

—

(

0.28

)

10.48

5/31/19

10.26

0.29

0.23

0.52

(

0.29

)

—

(

0.29

)

10.49

Class

C

5/31/23

9.80

0.18

(

0.19

)

(

0.01

)

(

0.17

)

—

(

0.17

)

9.62

5/31/22

10.58

0.12

(

0.80

)

(

0.68

)

(

0.10

)

—

(

0.10

)

9.80

5/31/21

10.41

0.13

0.17

0.30

(

0.13

)

—

(

0.13

)

10.58

5/31/20

10.43

0.17

—

0.17

(

0.19

)

—

(

0.19

)

10.41

5/31/19

10.19

0.20

0.24

0.44

(

0.20

)

—

(

0.20

)

10.43

Class

I

5/31/23

9.82

0.27

(

0.18

)

0.09

(

0.27

)

—

(

0.27

)

9.64

5/31/22

10.60

0.22

(

0.80

)

(

0.58

)

(

0.20

)

—

(

0.20

)

9.82

5/31/21

10.43

0.24

0.16

0.40

(

0.23

)

—

(

0.23

)

10.60

5/31/20

10.44

0.28

0.01

0.29

(

0.30

)

—

(

0.30

)

10.43

5/31/19

10.20

0.30

0.25

0.55

(

0.31

)

—

(

0.31

)

10.44

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.

(c)

The

expense

ratios

reflect,

among

other

things,

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund,

where

applicable,

as

described

in

Notes

to

Financial

Statements

and

the

interest

expense

and

fees

paid

on

borrowings,

as

described

in

Notes

to

Financial

Statements.

See

Notes

to

Financial

Statements.

73

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Ending

Net

Assets

(000)

Expenses

Including

Interest(c)

Expenses

Excluding

Interest

NII

(Loss)

Portfolio

Turnover

Rate

0

.71‌

%

$

85,313

0

.81‌

%

0

.81‌

%

2

.62‌

%

13‌

%

(

5

.75‌

)

113,097

0

.80‌

0

.80‌

1

.96‌

28‌

3

.71‌

138,393

0

.79‌

0

.79‌

2

.05‌

6‌

2

.57‌

115,325

0

.80‌

0

.80‌

2

.43‌

12‌

5

.15‌

93,956

0

.81‌

0

.81‌

2

.79‌

20‌

(

0

.11‌

)

8,829

1

.61‌

1

.61‌

1

.82‌

13‌

(

6

.46‌

)

11,621

1

.60‌

1

.60‌

1

.16‌

28‌

2

.91‌

13,672

1

.59‌

1

.59‌

1

.25‌

6‌

1

.67‌

13,064

1

.60‌

1

.60‌

1

.64‌

12‌

4

.42‌

12,274

1

.61‌

1

.61‌

1

.99‌

20‌

0

.90‌

245,297

0

.61‌

0

.61‌

2

.82‌

13‌

(

5

.52‌

)

272,534

0

.60‌

0

.60‌

2

.16‌

28‌

3

.90‌

306,289

0

.59‌

0

.59‌

2

.25‌

6‌

2

.76‌

273,269

0

.60‌

0

.60‌

2

.64‌

12‌

5

.47‌

251,853

0

.61‌

0

.61‌

2

.99‌

20‌

74

Financial

Highlights

(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

Net

Asset

Value

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Ending

Net

Asset

Value

Minnesota

Class

A

5/31/23

$

11.08

$

0.33

$

(

0.41

)

$

(

0.08

)

$

(

0.32

)

$

—

$

(

0.32

)

$

10.68

5/31/22

12.11

0.24

(

1.06

)

(

0.82

)

(

0.21

)

—

(

0.21

)

11.08

5/31/21

11.78

0.25

0.34

0.59

(

0.26

)

—

(

0.26

)

12.11

5/31/20

11.84

0.32

(

0.04

)

0.28

(

0.34

)

—

(

0.34

)

11.78

5/31/19

11.56

0.36

0.27

0.63

(

0.35

)

—

(

0.35

)

11.84

Class

C

5/31/23

11.07

0.24

(

0.41

)

(

0.17

)

(

0.23

)

—

(

0.23

)

10.67

5/31/22

12.10

0.15

(

1.06

)

(

0.91

)

(

0.12

)

—

(

0.12

)

11.07

5/31/21

11.77

0.15

0.34

0.49

(

0.16

)

—

(

0.16

)

12.10

5/31/20

11.83

0.22

(

0.03

)

0.19

(

0.25

)

—

(

0.25

)

11.77

5/31/19

11.55

0.27

0.27

0.54

(

0.26

)

—

(

0.26

)

11.83

Class

I

5/31/23

11.07

0.34

(

0.41

)

(

0.07

)

(

0.34

)

—

(

0.34

)

10.66

5/31/22

12.10

0.26

(

1.05

)

(

0.79

)

(

0.24

)

—

(

0.24

)

11.07

5/31/21

11.77

0.27

0.34

0.61

(

0.28

)

—

(

0.28

)

12.10

5/31/20

11.83

0.34

(

0.03

)

0.31

(

0.37

)

—

(

0.37

)

11.77

5/31/19

11.55

0.39

0.27

0.66

(

0.38

)

—

(

0.38

)

11.83

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.

(c)

The

expense

ratios

reflect,

among

other

things,

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund,

where

applicable,

as

described

in

Notes

to

Financial

Statements

and

the

interest

expense

and

fees

paid

on

borrowings,

as

described

in

Notes

to

Financial

Statements.

See

Notes

to

Financial

Statements.

75

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Ending

Net

Assets

(000)

Expenses

Including

Interest(c)

Expenses

Excluding

Interest

NII

(Loss)

Portfolio

Turnover

Rate

(

0

.73‌

)

%

$

206,858

0

.79‌

%

0

.79‌

%

3

.03‌

%

29‌

%

(

6

.83‌

)

225,930

0

.77‌

0

.77‌

2

.03‌

28‌

5

.02‌

277,598

0

.77‌

0

.77‌

2

.07‌

7‌

2

.40‌

236,237

0

.79‌

0

.79‌

2

.67‌

13‌

5

.61‌

193,379

0

.80‌

0

.80‌

3

.17‌

25‌

(

1

.51‌

)

17,824

1

.59‌

1

.59‌

2

.22‌

29‌

(

7

.58‌

)

25,848

1

.57‌

1

.57‌

1

.23‌

28‌

4

.19‌

33,134

1

.57‌

1

.57‌

1

.28‌

7‌

1

.58‌

33,110

1

.59‌

1

.59‌

1

.88‌

13‌

4

.77‌

28,496

1

.60‌

1

.60‌

2

.36‌

25‌

(

0

.61‌

)

317,275

0

.59‌

0

.59‌

3

.21‌

29‌

(

6

.64‌

)

392,073

0

.57‌

0

.57‌

2

.23‌

28‌

5

.23‌

421,865

0

.57‌

0

.57‌

2

.27‌

7‌

2

.61‌

315,275

0

.59‌

0

.59‌

2

.87‌

13‌

5

.84‌

214,913

0

.60‌

0

.60‌

3

.36‌

25‌

76

Financial

Highlights

(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

Net

Asset

Value

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Ending

Net

Asset

Value

Nebraska

Class

A

5/31/23

$

10.03

$

0.20

$

(

0.32

)

$

(

0.12

)

$

(

0.19

)

$

—

$

(

0.19

)

$

9.72

5/31/22

11.11

0.17

(

1.09

)

(

0.92

)

(

0.16

)

—

(

0.16

)

10.03

5/31/21

10.98

0.20

0.13

0.33

(

0.20

)

—

(

0.20

)

11.11

5/31/20

10.77

0.25

0.23

0.48

(

0.27

)

—

(

0.27

)

10.98

5/31/19

10.55

0.28

0.23

0.51

(

0.29

)

—

(

0.29

)

10.77

Class

C

5/31/23

10.01

0.12

(

0.31

)

(

0.19

)

(

0.11

)

—

(

0.11

)

9.71

5/31/22

11.08

0.08

(

1.08

)

(

1.00

)

(

0.07

)

—

(

0.07

)

10.01

5/31/21

10.95

0.11

0.13

0.24

(

0.11

)

—

(

0.11

)

11.08

5/31/20

10.75

0.16

0.22

0.38

(

0.18

)

—

(

0.18

)

10.95

5/31/19

10.52

0.20

0.23

0.43

(

0.20

)

—

(

0.20

)

10.75

Class

I

5/31/23

10.05

0.22

(

0.32

)

(

0.10

)

(

0.21

)

—

(

0.21

)

9.74

5/31/22

11.13

0.19

(

1.09

)

(

0.90

)

(

0.18

)

—

(

0.18

)

10.05

5/31/21

11.00

0.22

0.13

0.35

(

0.22

)

—

(

0.22

)

11.13

5/31/20

10.79

0.27

0.23

0.50

(

0.29

)

—

(

0.29

)

11.00

5/31/19

10.56

0.30

0.24

0.54

(

0.31

)

—

(

0.31

)

10.79

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.

(c)

The

expense

ratios

reflect,

among

other

things,

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund,

where

applicable,

as

described

in

Notes

to

Financial

Statements

and

the

interest

expense

and

fees

paid

on

borrowings,

as

described

in

Notes

to

Financial

Statements.

(d)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.

See

Notes

to

Financial

Statements

for

more

information.

See

Notes

to

Financial

Statements.

77

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Ending

Net

Assets

(000)

Gross

Expenses

Including

Interest(c)

Gross

Expenses

Excluding

Interest

Net

Expenses

Including

Interest(c),(d)

Net

Expenses

Excluding

Interest(d)

NII

(Loss)(d)

Portfolio

Turnover

Rate

(

1

.20‌

)

%

$

44,057

0

.89‌

%

0

.89‌

%

0

.82‌

%

0

.82‌

%

2

.05‌

%

18‌

%

(

8

.34‌

)

55,101

0

.88‌

0

.88‌

0

.87‌

0

.87‌

1

.57‌

26‌

3

.03‌

62,259

0

.88‌

0

.88‌

0

.87‌

0

.87‌

1

.79‌

4‌

4

.50‌

47,070

0

.89‌

0

.89‌

0

.88‌

0

.88‌

2

.31‌

12‌

4

.94‌

33,183

0

.91‌

0

.91‌

0

.88‌

0

.88‌

2

.70‌

20‌

(

1

.89‌

)

1,985

1

.69‌

1

.69‌

1

.62‌

1

.62‌

1

.25‌

18‌

(

9

.03‌

)

2,650

1

.68‌

1

.68‌

1

.67‌

1

.67‌

0

.77‌

26‌

2

.20‌

3,110

1

.68‌

1

.68‌

1

.67‌

1

.67‌

1

.00‌

4‌

3

.58‌

2,833

1

.69‌

1

.69‌

1

.68‌

1

.68‌

1

.51‌

12‌

4

.19‌

2,488

1

.71‌

1

.71‌

1

.68‌

1

.68‌

1

.91‌

20‌

(

0

.99‌

)

55,289

0

.69‌

0

.69‌

0

.62‌

0

.62‌

2

.25‌

18‌

(

8

.12‌

)

64,848

0

.68‌

0

.68‌

0

.67‌

0

.67‌

1

.77‌

26‌

3

.24‌

66,647

0

.68‌

0

.68‌

0

.67‌

0

.67‌

1

.99‌

4‌

4

.71‌

47,500

0

.69‌

0

.69‌

0

.68‌

0

.68‌

2

.51‌

12‌

5

.21‌

38,739

0

.71‌

0

.71‌

0

.68‌

0

.68‌

2

.90‌

20‌

78

Financial

Highlights

(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

Net

Asset

Value

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Ending

Net

Asset

Value

Oregon

Intermediate

Class

A

5/31/23

$

9.83

$

0.22

$

(

0.19

)

$

0.03

$

(

0.21

)

$

—

$

(

0.21

)

$

9.65

5/31/22

10.70

0.17

(

0.88

)

(

0.71

)

(

0.16

)

—

(

0.16

)

9.83

5/31/21

10.61

0.18

0.10

0.28

(

0.19

)

—

(

0.19

)

10.70

5/31/20

10.40

0.21

0.21

0.42

(

0.21

)

—

(

0.21

)

10.61

5/31/19

10.08

0.22

0.31

0.53

(

0.21

)

—

(

0.21

)

10.40

Class

C

5/31/23

9.77

0.14

(

0.18

)

(

0.04

)

(

0.13

)

—

(

0.13

)

9.60

5/31/22

10.64

0.09

(

0.88

)

(

0.79

)

(

0.08

)

—

(

0.08

)

9.77

5/31/21

10.55

0.10

0.10

0.20

(

0.11

)

—

(

0.11

)

10.64

5/31/20

10.34

0.12

0.22

0.34

(

0.13

)

—

(

0.13

)

10.55

5/31/19

10.02

0.14

0.31

0.45

(

0.13

)

—

(

0.13

)

10.34

Class

I

5/31/23

9.85

0.23

(

0.19

)

0.04

(

0.22

)

—

(

0.22

)

9.67

5/31/22

10.72

0.19

(

0.87

)

(

0.68

)

(

0.19

)

—

(

0.19

)

9.85

5/31/21

10.63

0.20

0.10

0.30

(

0.21

)

—

(

0.21

)

10.72

5/31/20

10.42

0.23

0.21

0.44

(

0.23

)

—

(

0.23

)

10.63

5/31/19

10.10

0.24

0.31

0.55

(

0.23

)

—

(

0.23

)

10.42

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.

(c)

The

expense

ratios

reflect,

among

other

things,

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund,

where

applicable,

as

described

in

Notes

to

Financial

Statements

and

the

interest

expense

and

fees

paid

on

borrowings,

as

described

in

Notes

to

Financial

Statements.

See

Notes

to

Financial

Statements.

79

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Ending

Net

Assets

(000)

Expenses

Including

Interest(c)

Expenses

Excluding

Interest

NII

(Loss)

Portfolio

Turnover

Rate

0

.27‌

%

$

26,804

0

.83‌

%

0

.83‌

%

2

.22‌

%

18‌

%

(

6

.69‌

)

33,236

0

.81‌

0

.81‌

1

.65‌

21‌

2

.69‌

35,100

0

.80‌

0

.80‌

1

.69‌

4‌

4

.07‌

25,357

0

.81‌

0

.81‌

1

.97‌

13‌

5

.33‌

29,278

0

.82‌

0

.82‌

2

.16‌

18‌

(

0

.43‌

)

2,218

1

.63‌

1

.63‌

1

.43‌

18‌

(

7

.48‌

)

2,905

1

.61‌

1

.61‌

0

.84‌

21‌

1

.88‌

4,473

1

.60‌

1

.60‌

0

.90‌

4‌

3

.27‌

4,285

1

.61‌

1

.61‌

1

.16‌

13‌

4

.49‌

3,262

1

.62‌

1

.62‌

1

.35‌

18‌

0

.46‌

154,245

0

.63‌

0

.63‌

2

.42‌

18‌

(

6

.46‌

)

190,601

0

.61‌

0

.61‌

1

.84‌

21‌

2

.88‌

248,222

0

.60‌

0

.60‌

1

.90‌

4‌

4

.24‌

210,368

0

.61‌

0

.61‌

2

.16‌

13‌

5

.51‌

199,671

0

.62‌

0

.62‌

2

.35‌

18‌

80

Notes

to

Financial

Statements

1.

General

Information 

Trust

and

Fund

Information:

Nuveen

Investment

Funds,

Inc.

(the

“Trust”),

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

as

amended.

The

Trust

is

comprised

of

Nuveen

Minnesota

Intermediate

Municipal

Bond

Fund

(“Minnesota

Intermediate”),

Nuveen

Minnesota

Municipal

Bond

Fund

(“Minnesota”),

Nuveen

Nebraska

Municipal

Bond

Fund

(“Nebraska”)

and

Nuveen

Oregon

Intermediate

Municipal

Bond

Fund

(“Oregon

Intermediate”),

(each

a

“Fund”

and

collectively,

the

“Funds”),

as

diversified

funds,

among

others.

The

Trust

was

incorporated

in

the

State

of

Maryland

on

August

20,

1987.

Current

Fiscal

Period:

 The

end

of

the

reporting

period

for

the

Funds

is

May

31,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

year

ended

May

31,

2023

(the

"current

fiscal

period").

Investment

Adviser

and

Sub-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'

portfolio,

manages

the

Funds'

business

affairs

and

provides

certain

clerical,

bookkeeping

and

other

administrative

services,

and,

if

necessary,

asset

allocation

decisions.

The

Adviser

has

entered

into  sub-

advisory

agreements

with

Nuveen

Asset

Management,

LLC,

(the

“Sub-Adviser”),

a

subsidiary

of

the

Adviser,

under

which

the

Sub-Adviser

manages

the

investment

portfolios

of

the

Funds.

Share

Classes

and

Sales

Charges:

Class

A

Shares

are

generally

sold

with

an

up-front

sales

charge.

Class

A

Shares

purchases

of

$250,000

or

more

are

sold

at

net

asset

value

(“NAV”)

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(“CDSC”)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

are

sold

without

an

up-front

sales

charge

but

are

subject

to

a

CDSC

of

1%

if

redeemed

within

twelve

months

of

purchase.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Class

I

Shares

are

sold

without

an

up-front

sales

charge.

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates.

Each

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies.

The

NAV

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and shareholder

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

common

share

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and

common

share

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

Compensation:

The

Trust

pays

no

compensation

directly

to

those

of

its directors

or

to

its

officers,

all

of

whom

receive

remuneration

for

their

services

to

the

Trust

from

the

Adviser

or

its

affiliates.

The

Funds’

Board

of Directors

(the

"Board")

has

adopted

a

deferred

compensation

plan

for

independent directors that

enables directors

to

elect

to

defer

receipt

of

all

or

a

portion

of

the

annual

compensation

they

are

entitled

to

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

as

though

equal

dollar

amounts

had

been

invested

in

shares

of

select

Nuveen-advised

funds.

Custodian

Fee

Credit:

As

an

alternative

to

overnight

investments,

each

Fund

has

an

arrangement

with

its

custodian

bank,

State

Street

Bank

and

Trust

Company,

(the

“Custodian”)

whereby

certain

custodian

fees

and

expenses

are

reduced

by

net

credits

earned

on

each

Fund’s

cash

on

deposit

with

the

bank.

Credits

for

cash

balances

may

be

offset

by

charges

for

any

days

on

which

a

Fund

overdraws

its

account

at

the

Custodian.

The

amount

of

custodian

fee

credit

earned

by

a

Fund

is

recognized

on

the

Statement

of

Operations

as

a

component

of

“Custodian

expenses,

net.”

During

the

current

reporting

period,

the

custodian

fee

credit

earned

by

each

Fund

was

as

follows:

Distributions

to

Shareholders:

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Fund

Gross

Custodian

Fee

Credits

Minnesota

Intermediate

$

6,604

Minnesota

9,223

Nebraska

8,085

Oregon

Intermediate

12,059

81

Indemnifications:

Under

the

Trust’s

organizational

documents,

its

officers

and directors

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Trust’s

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

However,

the

Trust

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income:

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Investment

income

is

comprised

of

interest

income,

which

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums

for

financial

reporting

purposes.

Investment

income

also

reflects

payment-in-kind

(

“

PIK

”

)

interest

and

paydown

gains

and

losses,

if

any.

PIK

interest

represents

income

received

in

the

form

of

securities

in

lieu

of

cash.

Multiclass

Operations

and

Allocations:

Income

and

expenses

of

the

Funds

that

are

not

directly

attributable

to

a

specific

class

of

shares

are

prorated

among

the

classes

based

on

the

relative

net

assets

of

each

class.

Expenses

directly

attributable

to

a

class

of

shares

are

recorded

to

the

specific

class.

12b-1

distribution

and

service

fees

are

allocated

on

a

class-specific

basis.

Realized

and

unrealized

capital

gains

and

losses

of

the

Funds

are

prorated

among

the

classes

based

on

the

relative

net

assets

of

each

class. 

Netting

Agreements:

In

the

ordinary

course

of

business,

the

Funds

may

enter

into

transactions

subject

to

enforceable

International

Swaps

and

Derivatives

Association,

Inc.

(ISDA)

master

agreements

or

other

similar

arrangements

(“netting

agreements”).

Generally,

the

right

to

offset

in

netting

agreements

allows

each

Fund

to

offset

certain

securities

and

derivatives

with

a

specific

counterparty,

when

applicable,

as

well

as

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreements.

Generally,

each

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

With

respect

to

certain

counterparties,

in

accordance

with

the

terms

of

the

netting

agreements,

collateral

posted

to

the

Funds

is

held

in

a

segregated

account

by

the

Funds’

custodian

and/or

with

respect

to

those

amounts

which

can

be

sold

or

repledged,

are

presented

in

the

Funds’

Portfolio

of

Investments

or

Statement

of

Assets

and

Liabilities.

The

Funds’

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives.

New

Accounting

Pronouncement:

 In

March

2020,

FASB

issued

Accounting

Standards

Update

(“ASU”)

2020-04,

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

main

objective

of

the

new

guidance

is

to

provide

relief

to

companies

that

will

be

impacted

by

the

expected

change

in

benchmark

interest

rates,

when

participating

banks

will

no

longer

be

required

to

submit

London

Interbank

Offered

Rate

(LIBOR)

quotes

by

the

UK

Financial

Conduct

Authority

(FCA).

The

new

guidance

allows

companies

to,

provided

the

only

change

to

existing

contracts

are

a

change

to

an

approved

benchmark

interest

rate,

account

for

modifications

as

a

continuance

of

the

existing

contract

without

additional

analysis.

For

new

and

existing

contracts,

the

Funds

may

elect

to

apply

the

amendments

as

of

March

12,

2020

through

December

31,

2022.

In

December

2022,

FASB

deferred

ASU

2022-04

and

issued

ASU

2022-06,

Reference

Rate

Reform:

Deferral

of

the

Sunset

Date

of

Topic

848,

which

extends

the

application

of

the

amendments

through

December

31,

2024. Management

has

not

yet

elected

to

apply

the

amendments,

is

continuously

evaluating

the

potential

effect

a

discontinuation

of

LIBOR

could

have

on

the

Funds’

investments

and

has

currently

determined

that

it

is

unlikely

the

ASU’s

adoption

will

have

a

significant

impact

on

the

Funds’

financial

statements

and

various

filings.

New

Rule

Issuance:

A

new

rule

adopted

by

the

Securities

and

Exchange

Commission

(the

"SEC")

governing

fund

valuation

practices,

Rule

2a-5

under

the

1940

Act,

has

established

requirements

for

determining

fair

value

in

good

faith

for

purposes

of

the

1940

Act.

Rule

2a-5

permits

fund

boards

to

designate

certain

parties

to

perform

fair

value

determinations,

subject

to

board

oversight

and

certain

other

conditions.

Rule

2a-5

also

defines

when

market

quotations

are

"readily

available"

for

purposes

of

Section

2(a)(41)

of

the

1940

Act,

which

requires

a

fund

to

fair

value

a

security

when

market

quotations

are

not

readily

available.

Separately,

new

SEC

Rule

31a-4

under

the

1940

Act

sets

forth

the

recordkeeping

requirements

associated

with

fair

value

determinations.

The

Funds

adopted

a

valuation

policy

conforming

to

the

new

rules,

effective

September

1,

2022,

and

there

was

no

material

impact

to

the

Funds.

3.

Investment

Valuation

and

Fair

Value

Measurements 

The

Funds’

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Adviser,

subject

to

oversight

of

the Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Funds’

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

82

Notes

to

Financial

Statements

(continued)

Prices

of

fixed-income

securities

are

generally

provided

by

pricing

services

approved

by

the

Adviser,

which

is

subject

to

review

by

the

Adviser

and

oversight

of

the

Board. Pricing

services

establish

a

security’s

fair

value

using

methods

that

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

is

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as

Level

2;

otherwise

they

would

be

classified

as

Level

3.

The

following

table

summarizes

the

market

value

of

the

Funds’

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

The

Funds

hold

liabilities

in

floating

rate

obligations,

where

applicable,

which

are

not

reflected

in

the

tables

above.

The

fair

values

of

the

Funds'

liabilities

for

floating

rate

obligations

approximate

their

liquidation

values.

Floating

rate

obligations

are

generally

classified

as

Level

2

and

further

described

in

Note

4

–

Portfolio

Securities

and

Investments

in

Derivatives.

4.

Portfolio

Securities

and

Investments

in

Derivatives

Portfolio

Securities

Inverse

Floating

Rate

Securities:

Each

Fund

is

authorized

to

invest

in

inverse

floating

rate

securities.

An

inverse

floating

rate

security

is

created

by

depositing

a

municipal

bond

(referred

to

as

an

“Underlying

Bond”),

typically

with

a

fixed

interest

rate,

into

a

special

purpose

tender

option

bond

(“TOB”)

trust

(referred

to

as

the

“TOB

Trust”)

created

by

or

at

the

direction

of

one

or

more

Funds.

In

turn,

the

TOB

Trust

issues

(a)

floating

rate

certificates

(referred

to

as

“Floaters”),

in

face

amounts

equal

to

some

fraction

of

the

Underlying

Bond’s

par

amount

or

market

value,

and

(b)

an

inverse

floating

rate

certificate

(referred

to

as

an

“Inverse

Floater”)

that

represents

all

remaining

or

residual

interest

in

the

TOB

Trust.

Floaters

typically

pay

short-term

tax-exempt

interest

rates

to

third

parties

who

are

also

provided

a

right

to

tender

their

certificate

and

receive

its

par

value,

which

may

be

paid

from

the

proceeds

of

a

remarketing

of

the

Floaters,

by

a

loan

to

the

TOB

Trust

from

a

third

party

liquidity

provider

(“Liquidity

Provider”),

or

by

the

sale

of

assets

from

the

TOB

Trust.

The

Inverse

Floater

is

issued

to

a

long

term

investor,

such

as

one

or

more

of

the

Funds.

The

income

received

by

the

Inverse

Floater

holder

varies

inversely

with

the

short-term

rate

paid

to

holders

of

the

Floaters,

and

in

most

circumstances

the

Inverse

Floater

holder

bears

substantially

all

of

the

Underlying

Bond’s

downside

investment

risk

and

also

benefits

disproportionately

from

any

Minnesota

Intermediate

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

336,874,296

$

–

$

336,874,296

Total

$

–

$

336,874,296

$

–

$

336,874,296

Minnesota

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

529,936,999

$

–

$

529,936,999

Short-Term

Investments:

Municipal

Bonds

–

5,000,000

–

5,000,000

Total

$

–

$

534,936,999

$

–

$

534,936,999

Nebraska

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

98,961,035

$

–

$

98,961,035

Short-Term

Investments:

Municipal

Bonds

–

200,000

–

200,000

Total

$

–

$

99,161,035

$

–

$

99,161,035

Oregon

Intermediate

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

178,803,771

$

–

$

178,803,771

Total

$

–

$

178,803,771

$

–

$

178,803,771

83

potential

appreciation

of

the

Underlying

Bond’s

value.

The

value

of

an

Inverse

Floater

will

be

more

volatile

than

that

of

the

Underlying

Bond

because

the

interest

rate

is

dependent

on

not

only

the

fixed

coupon

rate

of

the

Underlying

Bond

but

also

on

the

short-term

interest

paid

on

the

Floaters,

and

because

the

Inverse

Floater

essentially

bears

the

risk

of

loss

(and

possible

gain)

of

the

greater

face

value

of

the

Underlying

Bond.

The

Inverse

Floater

held

by

a

Fund

gives

the

Fund

the

right

to

(a)

cause

the

holders

of

the

Floaters

to

tender

their

certificates

at

par

(or

slightly

more

than

par

in

certain

circumstances),

and

(b)

have

the

trustee

of

the

TOB

Trust

(the

“Trustee”)

transfer

the

Underlying

Bond

held

by

the

TOB

Trust

to

the

Fund,

thereby

collapsing

the

TOB

Trust.

The

Fund

may

acquire

an

Inverse

Floater

in

a

transaction

where

it

(a)

transfers

an

Underlying

Bond

that

it

owns

to

a

TOB

Trust

created

by

a

third

party

or

(b)

transfers

an

Underlying

Bond

that

it

owns,

or

that

it

has

purchased

in

a

secondary

market

transaction

for

the

purpose

of

creating

an

Inverse

Floater,

to

a

TOB

Trust

created

at

its

direction,

and

in

return

receives

the

Inverse

Floater

of

the

TOB

Trust

(referred

to

as

a

“self-deposited

Inverse

Floater”).

A

Fund

may

also

purchase

an

Inverse

Floater

in

a

secondary

market

transaction

from

a

third

party

creator

of

the

TOB

Trust

without

first

owning

the

Underlying

Bond

(referred

to

as

an

“externally-deposited

Inverse

Floater”).

An

investment

in

a

self-deposited

Inverse

Floater

is

accounted

for

as

a

“financing”

transaction

(i.e.,

a

secured

borrowing).

For

a

self-deposited

Inverse

Floater,

the

Underlying

Bond

deposited

into

the

TOB

Trust

is

identified

in

the

Fund’s

Portfolio

of

Investments

as

“(UB)

–

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction,”

with

the

Fund

recognizing

as

liabilities,

labeled

“Floating

rate

obligations”

on

the

Statement

of

Assets

and

Liabilities,

(a)

the

liquidation

value

of

Floaters

issued

by

the

TOB

Trust,

and

(b)

the

amount

of

any

borrowings

by

the

TOB

Trust

from

a

Liquidity

Provider

to

enable

the

TOB

Trust

to

purchase

outstanding

Floaters

in

lieu

of

a

remarketing.

In

addition,

the

Fund

recognizes

in

“Investment

Income”

the

entire

earnings

of

the

Underlying

Bond,

and

recognizes

(a)

the

interest

paid

to

the

holders

of

the

Floaters

or

on

the

TOB

Trust’s

borrowings,

and

(b)

other

expenses

related

to

remarketing,

administration,

trustee,

liquidity

and

other

services

to

a

TOB

Trust,

as

a

component

of

“Interest

expense”

on

the

Statement

of

Operations.

Earnings

due

from

the

Underlying

Bond

and

interest

due

to

the

holders

of

the

Floaters

as

of

the

end

of

the

reporting

period

are

recognized

as

components

of

“Receivable

for

interest”

and

“Payable

for

interest”

on

the

Statement

of

Assets

and

Liabilities,

respectively.

In

contrast,

an

investment

in

an

externally-deposited

Inverse

Floater

is

accounted

for

as

a

purchase

of

the

Inverse

Floater

and

is

identified

in

the

Fund’s

Portfolio

of

Investments

as

“(IF)

–

Inverse

floating

rate

investment.”

For

an

externally-deposited

Inverse

Floater,

a

Fund’s

Statement

of

Assets

and

Liabilities

recognizes

the

Inverse

Floater

and

not

the

Underlying

Bond

as

an

asset,

and

the

Fund

does

not

recognize

the

Floaters,

or

any

related

borrowings

from

a

Liquidity

Provider,

as

a

liability.

Additionally,

the

Fund

reflects

in

“Investment

Income”

only

the

net

amount

of

earnings

on

the

Inverse

Floater

(net

of

the

interest

paid

to

the

holders

of

the

Floaters

or

the

Liquidity

Provider

as

lender,

and

the

expenses

of

the

Trust),

and

does

not

show

the

amount

of

that

interest

paid

or

the

expenses

of

the

TOB

Trust

as

described

above

as

interest

expense

on

the

Statement

of

Operations.

Fees

paid

upon

the

creation

of

a

TOB

Trust

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

are

recognized

as

part

of

the

cost

basis

of

the

Inverse

Floater

and

are

capitalized

over

the

term

of

the

TOB

Trust.

During

the

current

fiscal

period,

the

Funds

did

not

have

any

transactions

in

self-deposited

Inverse

Floaters

and/or

externally-deposited

Inverse

Floaters. 

Zero

Coupon

Securities:

A

zero

coupon

security

does

not

pay

a

regular

interest

coupon

to

its

holders

during

the

life

of

the

security.

Income

to

the

holder

of

the

security

comes

from

accretion

of

the

difference

between

the

original

purchase

price

of

the

security

at

issuance

and

the

par

value

of

the

security

at

maturity

and

is

effectively

paid

at

maturity.

The

market

prices

of

zero

coupon

securities

generally

are

more

volatile

than

the

market

prices

of

securities

that

pay

interest

periodically.

Purchases

&

Sales:

Long-term

purchases

and

sales

during

the

current

fiscal

period

were

as

follows:

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period.

The

Funds

have

earmarked

securities

in

their

portfolios

with

a

current

value

at

least

equal

to

the

amount

of

the

when-issued/

delayed

delivery

purchase

commitments.

If

a

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

Investments

in

Derivatives

In

addition

to

the

inverse

floating

rate

securities

in

which

each

Fund

may

invest,

which

are

considered

portfolio

securities

for

financial

reporting

purposes,

each

Fund

is

authorized

to

invest

in

certain

other

derivative

instruments.

The

Funds

record

derivative

instruments

at

fair

value,

with

changes

in

fair

value

recognized

on

the

Statement

of

Operations,

where

applicable.

Even

though

the

Funds'

investments

in

derivatives

may

represent

economic

hedges,

they

are

not

considered

to

be

hedge

transactions

for

financial

reporting

purposes.

Although

the

Funds

are

authorized

to

invest

in

derivative

instruments,

and

may

do

so

in

the

future,

they

did

not

make

any

such

investments

during

the

current

fiscal

period.

Fund

Purchases

Sales

and

Maturities

Minnesota

Intermediate

$

56,051,432

$

104,483,189

Minnesota

161,854,112

246,425,339

Nebraska

18,792,228

33,051,921

Oregon

Intermediate

35,256,501

70,432,096

84

Notes

to

Financial

Statements

(continued)

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.

5.

Fund

Shares

Transactions

in Fund

shares

during

the

current

and

prior

fiscal

period

were

as

follows:

Year

Ended

5/31/23

Year

Ended

5/31/22

Minnesota

Intermediate

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

2,789,851

$27,013,440

2,098,157

$21,514,405

Class

A

-

automatic

conversion

of

Class

C

8,242

80,450

—

—

Class

A

-

automatic

conversion

of

Class

C2

(1)

—

—

19,402

206,830

Class

C

262,673

2,528,629

163,643

1,692,805

Class

I

17,440,833

168,553,777

8,070,020

81,756,494

Total

subscriptions

20,501,599

198,176,296

10,351,222

105,170,534

Reinvestments

of

distributions:

Class

A

232,020

2,246,644

212,995

2,211,736

Class

C

17,629

169,632

11,693

120,491

Class

I

353,580

3,412,325

237,353

2,449,863

Total

reinvestments

of

distributions

603,229

5,828,601

462,041

4,782,090

Redemptions:

Class

A

(5,685,631)

(54,937,767)

(3,855,060)

(39,384,630)

Class

C

(540,123)

(5,178,814)

(281,272)

(2,925,134)

Class

C

-

automatic

conversion

to

Class

A

(8,295)

(80,450)

—

—

Class

C2

-

automatic

conversion

to

Class

A

(1)

—

—

(19,457)

(206,830)

Class

I

(20,100,859)

(193,685,029)

(9,437,665)

(94,666,665)

Total

redemptions

(26,334,908)

(253,882,060)

(13,593,454)

(137,183,259)

Net

increase

(decrease)

(5,230,080)

$(49,877,163)

(2,780,191)

$(27,230,635)

(1)

Class

C2

Shares

were

converted

to

Class

A

Shares

at

the

close

of

business

on

June

4,

2021

and

are

no

longer

available

for

reinvestment

or

through

an

exchange

from

other

Nuveen

mutual

funds.

85

Year

Ended

5/31/23

Year

Ended

5/31/22

Minnesota

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

5,881,876

$63,049,418

3,253,168

$38,085,501

Class

A

-

automatic

conversion

of

Class

C

10,380

110,932

331

3,864

Class

A

-

automatic

conversion

of

Class

C1

(1)

—

—

11,868

143,298

Class

A

-

automatic

conversion

of

Class

C2

(2)

—

—

32,754

397,963

Class

C

242,093

2,596,407

219,688

2,614,473

Class

I

17,074,413

183,347,217

13,903,653

164,208,284

Total

subscriptions

23,208,762

249,103,974

17,421,462

205,453,383

Reinvestments

of

distributions:

Class

A

554,479

5,932,614

387,409

4,561,792

Class

C

40,745

435,311

24,717

290,308

Class

I

692,034

7,392,753

521,212

6,129,524

Total

reinvestments

of

distributions

1,287,258

13,760,678

933,338

10,981,624

Redemptions:

Class

A

(7,468,397)

(79,838,129)

(6,208,766)

(71,973,244)

Class

C

(936,887)

(10,013,512)

(646,811)

(7,622,392)

Class

C

-

automatic

conversion

to

Class

A

(10,390)

(110,932)

(331)

(3,864)

Class

C1

-

automatic

conversion

to

Class

A

(1)

—

—

(11,862)

(143,298)

Class

C2

-

automatic

conversion

to

Class

A

(2)

—

—

(32,754)

(397,963)

Class

I

(23,447,084)

(250,010,649)

(13,860,070)

(158,760,325)

Total

redemptions

(31,862,758)

(339,973,222)

(20,760,594)

(238,901,086)

Net

increase

(decrease)

(7,366,738)

$(77,108,570)

(2,405,794)

$(22,466,079)

(1)

Class

C1

Shares

for

Minnesota

were

converted

to

Class

A

Shares

at

the

close

of

business

on

June

4,

2021

and

are

no

longer

available

for

reinvestment

or

through

an

exchange

from

other

Nuveen

mutual

funds.

(2)

Class

C2

Shares

were

converted

to

Class

A

Shares

at

the

close

of

business

on

June

4,

2021

and

are

no

longer

available

for

reinvestment

or

through

an

exchange

from

other

Nuveen

mutual

funds.

Year

Ended

5/31/23

Year

Ended

5/31/22

Nebraska

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

208,483

$2,024,223

853,719

$9,304,647

Class

A

-

automatic

conversion

of

Class

C

399

3,953

304

3,130

Class

A

-

automatic

conversion

of

Class

C2

(1)

—

—

21,758

241,951

Class

C

6,276

60,828

39,259

430,370

Class

I

1,608,194

15,724,248

1,582,451

17,233,258

Total

subscriptions

1,823,352

17,813,252

2,497,491

27,213,356

Reinvestments

of

distributions:

Class

A

92,243

894,307

85,246

919,173

Class

C

2,575

24,919

1,933

20,833

Class

I

106,868

1,038,119

96,925

1,045,916

Total

reinvestments

of

distributions

201,686

1,957,345

184,104

1,985,922

Redemptions:

Class

A

(1,262,121)

(12,231,169)

(1,074,219)

(11,265,631)

Class

C

(68,518)

(668,675)

(56,861)

(604,221)

Class

C

-

automatic

conversion

to

Class

A

(400)

(3,953)

(305)

(3,130)

Class

C2

-

automatic

conversion

to

Class

A

(1)

—

—

(21,739)

(241,951)

Class

I

(2,490,881)

(24,159,334)

(1,215,759)

(12,798,031)

Total

redemptions

(3,821,920)

(37,063,131)

(2,368,883)

(24,912,964)

Net

increase

(decrease)

(1,796,882)

$(17,292,534)

312,712

$4,286,314

(1)

Class

C2

Shares

were

converted

to

Class

A

Shares

at

the

close

of

business

on

June

4,

2021

and

are

no

longer

available

for

reinvestment

or

through

an

exchange

from

other

Nuveen

mutual

funds.

86

Notes

to

Financial

Statements

(continued)

6.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

intends

to

satisfy

conditions

that

will

enable

interest

from

municipal

securities,

which

is

exempt

from

regular

federal

and

designated

state

income

taxes,

to

retain

such

tax-exempt

status

when

distributed

to

shareholders

of

the

Funds.

Net

realized

capital

gains

and

ordinary

income

distributions

paid

by

the

Funds

are

subject

to

federal

taxation. 

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund's

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements.

Differences

between

amounts

for

financial

statement

and

federal

income

tax

purposes

are

primarily

due

to

timing

differences

in

recognizing

gains

and

losses

on

investment

transactions.

Temporary

differences

do

not

require

reclassification.

As

of

year

end,

permanent

differences

that

resulted

in

reclassifications

among

the

components

of

net

assets

relate

primarily

to

taxable

market

discount

and

taxes

paid.

Temporary

and

permanent

differences

have

no

impact

on

a

Fund's

net

assets.

As

of

year

end,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

year

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

Year

Ended

5/31/23

Year

Ended

5/31/22

Oregon

Intermediate

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

495,926

$4,824,693

771,757

$8,036,855

Class

A

-

automatic

conversion

of

Class

C

—

—

5,608

60,003

Class

A

-

automatic

conversion

of

Class

C2

(1)

—

—

45,989

492,547

Class

C

32,843

310,824

12,897

134,551

Class

I

8,221,090

79,673,264

7,233,528

75,034,905

Total

subscriptions

8,749,859

84,808,781

8,069,779

83,758,861

Reinvestments

of

distributions:

Class

A

56,538

546,892

47,879

498,023

Class

C

3,466

33,349

2,609

27,035

Class

I

221,065

2,142,568

204,343

2,131,093

Total

reinvestments

of

distributions

281,069

2,722,809

254,831

2,656,151

Redemptions:

Class

A

(1,157,260)

(11,158,922)

(770,876)

(7,931,226)

Class

C

(102,432)

(986,891)

(133,139)

(1,374,042)

Class

C

-

automatic

conversion

to

Class

A

—

—

(5,639)

(60,003)

Class

C2

-

automatic

conversion

to

Class

A

(1)

—

—

(46,032)

(492,547)

Class

I

(11,851,506)

(114,169,160)

(11,235,393)

(113,817,346)

Total

redemptions

(13,111,198)

(126,314,973)

(12,191,079)

(123,675,164)

Net

increase

(decrease)

(4,080,270)

$(38,783,383)

(3,866,469)

$(37,260,152)

(1)

Class

C2

Shares

were

converted

to

Class

A

Shares

at

the

close

of

business

on

June

4,

2021

and

are

no

longer

available

for

reinvestment

or

through

an

exchange

from

other

Nuveen

mutual

funds.

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Minnesota

Intermediate

$

344,466,705

$

1,640,149

$

(9,232,558)

$

(7,592,409)

Minnesota

556,042,657

3,152,551

(24,258,209)

(21,105,658)

Nebraska

104,973,965

459,942

(6,272,872)

(5,812,930)

Oregon

Intermediate

181,788,190

951,158

(3,935,577)

(2,984,419)

87

The

tax

character

of

distributions

paid

was

as

follows:

As

of

year

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

7.

Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees:

Each

Fund’s

management

fee

compensates

the

Adviser

for

the

overall

investment

advisory

and

administrative

services

and

general

office

facilities.

The

Sub-Adviser

is

compensated

for

its

services

to

the

Funds

from

the

management

fees

paid

to

the

Adviser.

Each

Fund’s

management

fee

consists

of

two

components

–

a

fund-level

fee,

based

only

on

the

amount

of

assets

within

each

individual

Fund,

and

a

complex-level

fee,

based

on

the

aggregate

amount

of

all

eligible

fund

assets

managed

by

the

Adviser.

This

pricing

structure

enables

each

Fund’s

shareholders

to

benefit

from

growth

in

the

assets

within

their

respective

Fund

as

well

as

from

growth

in

the

amount

of

complex-wide

assets

managed

by

the

Adviser.

The

annual

fund-level

fee,

payable

monthly,

for

each

Fund

was

calculated

according

to

the

following

schedule:

Fund

Undistributed

Tax-Exempt

Income

1

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

Minnesota

Intermediate

$

1,441,874

$

—

$

—

$

(7,592,409)

$

(14,891,446)

$

—

$

(866,723)

$

(21,908,704)

Minnesota

2,570,445

—

—

(21,105,658)

(45,465,128)

—

(1,511,401)

(65,511,742)

Nebraska

205,053

—

—

(5,812,930)

(8,279,448)

—

(189,322)

(14,076,647)

Oregon

Intermediate

651,219

—

—

(2,984,419)

(12,470,901)

—

(399,457)

(15,203,558)

1

Undistributed

tax-exempt

income

(on

a

tax

basis)

has

not

been

reduced

for

the

dividends

declared

during

the

period

May

1,

2023

through

May

31,

2023

and

paid

on

June

1,

2023.

5/31/23

5/31/22

Fund

Tax-Exempt

Income

1

Ordinary

Income

Long-Term

Capital

Gains

Tax-Exempt

Income

Ordinary

Income

Long-Term

Capital

Gains

Minnesota

Intermediate

$

9,495,766

$

4,967

$

—

$

8,341,827

$

12,889

$

—

Minnesota

16,913,113

4,313

—

13,959,579

—

—

Nebraska

2,166,282

—

—

2,180,701

—

—

Oregon

Intermediate

4,514,686

3,508

—

4,950,702

1,435

—

1

Each

Fund

designates

these

amounts

paid

during

the

period

as

Exempt

Interest

Dividends.

Fund

Short-Term

Long-Term

Total

Minnesota

Intermediate

$

8,553,016

$

6,338,430

$

14,891,446

Minnesota

21,647,621

23,817,507

45,465,128

Nebraska

3,196,492

5,082,956

8,279,448

Oregon

Intermediate

6,241,241

6,229,660

12,470,901

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

88

Notes

to

Financial

Statements

(continued)

The

annual

complex-level

fee,

payable

monthly,

for

each

Fund

is

determined

by

taking

the

complex-level

fee

rate,

which

is

based

on

the

aggregate

amount

of

"eligible

assets"

of

all

Nuveen

funds

as

set

forth

in

the

schedule

below,

and

making,

as

appropriate,

an

upward

adjustment

to

that

rate

based

upon

the

percentage

of

the

particular

fund’s

assets

that

are

not

"eligible

assets".

The

complex-level

fee

schedule

for

each

Fund

is

as

follows:

*

The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

“eligible

assets”

of

all

Nuveen

open-end

and

closed-end

funds.

Eligible

assets

do

not

include

assets

attributable

to

investments

in

other

Nuveen

funds

or

assets

in

excess

of

a

determined

amount

(originally

$2

billion)

added

to

the

Nuveen

fund

complex

in

connection

with

the

Adviser’s

assumption

of

the

management

of

the

former

First

American

Funds

effective

January

1,

2011,

but

do

include

certain

assets

of

certain

Nuveen

funds

that

were

reorganized

into

funds

advised

by

an

affiliate

of

the

Adviser

during

the

2019

calendar

year.

Eligible

assets

include

closed-end

fund

assets

managed

by

the

Adviser

that

are

attributable

to

certain

types

of

leverage.

For

these

purposes,

leverage

includes

the

closed-end

funds’

use

of

preferred

stock

and

borrowings

and

certain

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities,

subject

to

an

agreement

by

the

Adviser

as

to

certain

funds

to

limit

the

amount

of

such

assets

for

determining

eligible

assets

in

certain

circumstances.

As

of

May

31,

2023,

the

complex-level

fee

rate

for

each

Fund

was

as

follows:

The

Adviser

has

agreed

to

waive

fees

and/or

reimburse

expenses

(“Expense

Cap”)

of

the

following

Fund

so

that

the

total

annual

Fund

operating

expenses

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed

the

average

daily

net

assets

of

any

class

of

Fund

shares

in

the

amounts

and

for

the

time

periods

stated

in

the

following

table:

Distribution

and

Service

Fees:

Each

Fund

has

adopted

a

distribution

and

service

plan

under

rule

12b-1

under

the

1940

Act.

Class

A

Shares

incurred

a

0.20%

annual

12b-1

service

fee.

Class

C

Shares

incur

a

0.75%

annual

12b-1

distribution

fee

and

a

0.25%

annual

12b-1

service

fee.

Class

I

Shares

are

not

subject

to

12b-1

distribution

or

service

fees.

The

fees

under

this

plan

compensate

Nuveen

Securities,

LLC,

(the

“Distributor”),

a

wholly-

owned

subsidiary

of

Nuveen,

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Funds

and

establishing

and

maintaining

shareholder

accounts.

Other

Transactions

with

Affiliates:

Each

Fund

is

permitted

to

purchase

or

sell

securities

from

or

to

certain

other

funds

or

accounts

managed

by

the

Sub-Adviser

(“Affiliated

Entity”)

under

specified

conditions

outlined

in

procedures

adopted

by

the

Board

("cross-trade").

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

an

Affiliated

Entity

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

adviser),

common

officer

and/or

common

trustee

complies

with

Rule

17a-7

under

the

1940

Act.

These

transactions

are

effected

at

the

current

market

price

(as

provided

by

an

independent

pricing

service)

without

incurring

broker

commissions.

During

the

current

fiscal

period,

the

Funds

engaged

in

cross-trades

pursuant

to

these

procedures

as

follows:

Complex-Level

Eligible

Asset

Breakpoint

Level*

Effective

Complex-Level

Fee

Rate

at

Breakpoint

Level

$55

billion

0.2000

%

$56

billion

0.1996

$57

billion

0.1989

$60

billion

0.1961

$63

billion

0.1931

$66

billion

0.1900

$71

billion

0.1851

$76

billion

0.1806

$80

billion

0.1773

$91

billion

0.1691

$125

billion

0.1599

$200

billion

0.1505

$250

billion

0.1469

$300

billion

0.1445

Fund

Complex-Level

Fee

Minnesota

Intermediate

0

.1843%

Minnesota

0

.1703%

Nebraska

0

.1742%

Oregon

Intermediate

0

.1896%

Fund

Expense

Cap

Expense

Cap

Expiration

Date

Nebraska

0.65%

July

31,

2025

89

During

the

current

fiscal

period,

the

Distributor,

collected

sales

charges

on

purchases

of

Class

A

Shares,

the

majority

of

which

were

paid

out

as

concessions

to

financial

intermediaries

as

follows:

The

Distributor

also

received

12b-1

service

fees

on

Class

A

Shares,

substantially

all

of

which

were

paid

to

compensate

financial

intermediaries

for

providing

services

to

shareholders

relating

to

their

investments.

During

the

current

fiscal

period,

the

Distributor

compensated

financial

intermediaries

directly

with

commission

advances

at

the

time

of

purchase

as

follows:

To

compensate

for

commissions

advanced

to

financial

intermediaries,

all

12b-1

service

and

distribution

fees

collected

on

Class

C

Shares

during

the

first

year

following

a

purchase

are

retained

by

the

Distributor.

During

the

current

fiscal

period,

the

Distributor

retained

such

12b-1

fees

as

follows:

The

remaining

12b-1

fees

charged

to

each

Fund

were

paid

to

compensate

financial

intermediaries

for

providing

services

to

shareholders

relating

to

their

investments.

The

Distributor

also

collected

and

retained

CDSC

on

share

redemptions

during

the

current

fiscal

period,

as

follows: 

Fund

Purchases

Sales

Realized

Gain

(Loss)

Minnesota

Intermediate

$

13,100,298

$

11,953,183

$

(898,918)

Minnesota

27,138,372

32,200,939

(3,042,978)

Nebraska

—

—

—

Oregon

Intermediate

1,030,120

—

—

Fund

Sales

Charges

Collected

(Unaudited)

Paid

to

Financial

Intermediaries

(Unaudited)

Minnesota

Intermediate

$

54,264

$

52,921

Minnesota

263,295

256,935

Nebraska

8,396

7,962

Oregon

Intermediate

6,773

5,821

Fund

Commission

Advances

(Unaudited)

Minnesota

Intermediate

$

60,197

Minnesota

235,583

Nebraska

5,250

Oregon

Intermediate

4,570

Fund

12b-1

Fees

Retained

(Unaudited)

Minnesota

Intermediate

$

13,855

Minnesota

23,092

Nebraska

475

Oregon

Intermediate

—

Fund

CDSC

Retained

(Unaudited)

Minnesota

Intermediate

$

4,739

Minnesota

19,483

Nebraska

4,614

Oregon

Intermediate

5,036

90

Notes

to

Financial

Statements

(continued)

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,

$2.700

billion

standby

credit

facility

with

a

group

of

lenders,

under

which

the

Participating

Funds

may

borrow

for

temporary

purposes

(other

than

on-

going

leveraging

for

investment

purposes).

Each

Participating

Fund

is

allocated

a

designated

proportion

of

the

facility’s

capacity

(and

its

associated

costs,

as

described

below)

based

upon

a

multi-factor

assessment

of

the

likelihood

and

frequency

of

its

need

to

draw

on

the

facility,

the

size

of

the

Fund

and

its

anticipated

draws,

and

the

potential

importance

of

such

draws

to

the

operations

and

well-being

of

the

Fund,

relative

to

those

of

the

other

Funds.

A

Fund

may

effect

draws

on

the

facility

in

excess

of

its

designated

capacity

if

and

to

the

extent

that

other

Participating

Funds

have

undrawn

capacity.

The

current

credit

facility

was

entered

into

on

June

21,

2023

expiring

on

June

19,

2024,

replacing

the

previous

facility,

which

expired

June

2023.

The

credit

facility

has

the

following

terms:

0.15%

per

annum

on

unused

commitment

amounts

and

a

drawn

interest

rate

equal

to

the

higher

of

(a)

OBFR

(Overnight

Bank

Funding

Rate)

plus

1.20%

per

annum

or

(b)

the

Fed

Funds

Effective

Rate

plus

1.20%

per

annum

on

amounts

borrowed.

The

Participating

Funds

also

incurred

a

0.05%

upfront

fee

on

the

increased

commitments

from

select

lenders.

Interest

expense

incurred

by

the

Participating

Funds,

when

applicable,

is

recognized

as

a

component

of

“Interest

expense”

on

the

Statement

of

Operations.

Participating

Funds

paid

administration,

legal

and

arrangement

fees,

which

are

recognized

as

a

component

of

“Interest

expense”

on

the

Statement

of

Operations,

and

along

with

commitment

fees,

have

been

allocated

among

such

Participating

Funds

based

upon

the

relative

proportions

of

the

facility’s

aggregate

capacity

reserved

for

them

and

other

factors

deemed

relevant

by

the

Adviser

and

the

Board

of

each

Participating

Fund.

During

the

current

period,

the

following

Funds

utilized

this

facility.

The

Funds’

maximum

outstanding

balance

during

the

utilization

period

was

as

follows:

During

each

Fund’s

utilization

period(s)

during

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

the

Borrowings

were

as

follows:

Borrowings

outstanding

as

of

the

end

of

the

reporting

period,

if

any,

are

recognized

as

“Borrowings”

on

the

Statement

of

Assets

and

Liabilities.

Fund

Maximum

Outstanding

Balance

Minnesota

Intermediate

$

4,267,529

Minnesota

10,200,000

Nebraska

2,565,512

Oregon

Intermediate

1,800,000

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

Minnesota

Intermediate

4

$

4,267,529

5.53

%

Minnesota

16

5,161,950

4.97

Nebraska

4

2,565,512

5.53

Oregon

Intermediate

7

1,800,000

4.28

91

Important

Tax

Information

(Unaudited)

As

required

by

the

Internal

Revenue

Code

and

Treasury

Regulations,

certain

tax

information,

as

detailed

below,

must

be

provided

to

shareholders.

Shareholders

are

advised

to

consult

their

tax

advisor

with

respect

to

the

tax

implications

of

their

investment.

The

amounts

listed

below

may

differ

from

the

actual

amounts

reported

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year

end.

Long-Term

Capital

Gains

As

of

year

end,

each

Fund

designates

the

following

distribution

amounts,

or

maximum

amount

allowable,

as

being

from

net

long-term

capital

gains

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code:

Fund

Net

Long-Term

Capital

Gains

Minnesota

Intermediate

$

—

Minnesota

—

Nebraska

—

Oregon

Intermediate

—

92

Additional

Fund

Information

(Unaudited)

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Sub-Adviser

Nuveen

Asset

Management,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

One

North

Wacker

Drive

Chicago,

IL

60606

Custodian

State

Street

Bank

&

Trust

Company

One

Congress

Street

Suite

1

Boston,

MA

02114-2016

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Transfer

Agent

and

Shareholder

Services

DST

Asset

Manager

Solutions,

Inc.

(DST)

P.O.

Box

219140

Kansas

City,

MO

64121-9140

(800)

257-8787

Portfolio

of

Investments

Information:

Each

Fund

is

required

to

file

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

You

may

obtain

this

information

on

the

SEC’s

website

at

http://www.sec.gov.

Nuveen

Funds’

Proxy

Voting

Information:

You

may

obtain

(i)

information

regarding

how

each

fund

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve-month

period

ended

June

30,

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787

or

on

Nuveen’s

website

at

www.nuveen.com

and

(ii)

a

description

of

the

policies

and

procedures

that

each

fund

used

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787.

You

may

also

obtain

this

information

directly

from

the

SEC.

Visit

the

SEC

on-line

at

http://www.sec.gov.

FINRA

BrokerCheck:

The

Financial

Industry

Regulatory

Authority

(FINRA)

provides

information

regarding

the

disciplinary

history

of

FINRA

member

firms

and

associated

investment

professionals.

This

information

as

well

as

an

investor

brochure

describing

FINRA

BrokerCheck

is

available

to

the

public

by

calling

the

FINRA

BrokerCheck

Hotline

number

at

(800)

289-9999

or

by

visiting

www.FINRA.org.

Glossary

of

Terms

Used

in

this

Report

(Unaudited)

93

Average

Annual

Total

Return:

This

is

a

commonly

used

method

to

express

an

investment’s

performance

over

a

particular,

usually

multi-year

time

period.

It

expresses

the

return

that

would

have

been

necessary

each

year

to

equal

the

investment’s

actual

cumulative

performance

(including

change

in

NAV

or

offer

price

and

reinvested

dividends

and

capital

gains

distributions,

if

any)

over

the

time

period

being

considered.

Effective

Leverage

(Effective

Leverage

Ratio):

Effective

leverage

is

investment

exposure

created

either

directly

through

borrowings

or

indirectly

through

inverse

floaters,

divided

by

the

assets

invested,

including

those

assets

that

were

purchased

with

the

proceeds

of

the

leverage,

or

referenced

by

the

levered

instrument.

The

calculation

of

the

Effective

Leverage

Ratio

reflects

borrowings

effected

on

a

long-term

basis

for

investment

purposes,

but

excludes

borrowings

that

may

occur,

on

a

transient

basis,

in

connection

with

a

Fund’s

day-to-day

operations

primarily

in

connection

with

the

need

to

pay

cash

out

to

redeeming

shareholders

or

to

settle

portfolio

trades.

Gross

Domestic

Product

(GDP):

The

total

market

value

of

all

final

goods

and

services

produced

in

a

country/region

in

a

given

year,

equal

to

total

consumer,

investment

and

government

spending,

plus

the

value

of

exports,

minus

the

value

of

imports.

Inverse

Floating

Rate

Securities:

Inverse

floating

rate

securities

are

the

residual

interest

in

a

tender

option

bond

(TOB)

trust,

sometimes

referred

to

as

“inverse

floaters”,

are

created

by

depositing

a

municipal

bond,

typically

with

a

fixed

interest

rate,

into

a

special

purpose

trust.

This

trust,

in

turn,

(a)

issues

floating

rate

certificates

typically

paying

short-term

tax-exempt

interest

rates

to

third

parties

in

amounts

equal

to

some

fraction

of

the

deposited

bond’s

par

amount

or

market

value,

and

(b)

issues

an

inverse

floating

rate

certificate

(sometimes

referred

to

as

an

“inverse

floater”)

to

an

investor

(such

as

a

fund)

interested

in

gaining

investment

exposure

to

a

long-term

municipal

bond.

The

income

received

by

the

holder

of

the

inverse

floater

varies

inversely

with

the

short-term

rate

paid

to

the

floating

rate

certificates’

holders,

and

in

most

circumstances

the

holder

of

the

inverse

floater

bears

substantially

all

of

the

underlying

bond’s

downside

investment

risk.

The

holder

of

the

inverse

floater

typically

also

benefits

disproportionately

from

any

potential

appreciation

of

the

underlying

bond’s

value.

Hence,

an

inverse

floater

essentially

represents

an

investment

in

the

underlying

bond

on

a

leveraged

basis.

Leverage:

Leverage

is

created

whenever

a

fund

has

investment

exposure

(both

reward

and/or

risk)

equivalent

to

more

than

100%

of

the

investment

capital.

Net

Assets

Value

(NAV)

per

Share:

A

fund’s

Net

Assets

is

equal

to

its

total

assets

(securities,

cash

and

accrued

earnings)

less

its

total

liabilities.

For

funds

with

multiple

classes,

Net

Assets

are

determined

separately

for

each

share

class.

NAV

per

share

is

equal

to

the

fund’s

(or

share

class’)

Net

Assets

divided

by

its

number

of

shares

outstanding.

Pre-Refunded

Bond/Pre-Refunding:

Pre-Refunded

Bond/Pre-Refunding,

also

known

as

advanced

refundings

or

refinancings,

is

a

procedure

used

by

state

and

local

governments

to

refinance

municipal

bonds

to

lower

interest

expenses.

The

issuer

sells

new

bonds

with

a

lower

yield

and

uses

the

proceeds

to

buy

U.S.

Treasury

securities,

the

interest

from

which

is

used

to

make

payments

on

the

higher-yielding

bonds.

Because

of

this

collateral,

pre-refunding

generally

raises

a

bond’s

credit

rating

and

thus

its

value.

Tax

Obligation/General

Bonds:

Bonds

backed

by

the

general

revenues

of

an

issuer,

including

taxes,

where

the

issuer

has

the

ability

to

increase

taxes

by

an

unlimited

amount

to

pay

the

bonds

back.

Tax

Obligation/Limited

Bonds:

Bonds

backed

by

the

general

revenues

of

an

issuer,

including

taxes,

where

the

issuer

doesn’t

have

the

ability

to

increase

taxes

by

an

unlimited

amount

to

pay

the

bonds

back.

Total

Investment

Exposure:

Total

investment

exposure

is

a

fund’s

assets

managed

by

the

Adviser

that

are

attributable

to

financial

leverage.

For

these

purposes,

financial

leverage

includes

a

fund’s

use

of

preferred

stock

and

borrowings

and

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities.

94

Liquidity

Risk

Management

Program

(Unaudited)

Discussion

of

the

operation

and

effectiveness

of

the

Funds’

liquidity

risk

management

program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

each

Fund

covered

in

this

Report

(the

“Funds”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”),

which

is

designed

to

manage

the

Fund’s

liquidity

risk.

The

Program

consists

of

various

protocols

for

assessing

and

managing

each

Fund’s

liquidity

risk.

The

Funds’

Board

of Directors previously

designated

Nuveen

Fund

Advisors,

LLC,

the

Funds’

investment

adviser,

as

the

Administrator

of

the

Program.

The

adviser’s

Liquidity

Monitoring

and

Analysis

Team

(“LMAT”)

carries

out

day-to-day

Program

management

with

oversight

by

the

adviser’s

Liquidity

Oversight

Sub-Committee

(the

“LOSC”).

The

LOSC

is

composed

of

personnel

from

the

adviser

and

Teachers

Advisors,

LLC,

an

affiliate

of

the

adviser.

At

a

May

23-25,

2023

meeting

of

the

Board,

the

Administrator

provided

the

Board

with

a

written

report

addressing

the

Program’s

operation,

adequacy

and

effectiveness

of

implementation

for

calendar

year

2022

(the

“Review

Period”),

as

required

under

the

Liquidity

Rule.

The

report

noted

that

the

Program

has

been

and

continues

to

be

adequately

and

effectively

implemented

to

monitor

and

(as

applicable)

respond

to

each

Fund’s

liquidity

developments.

In

accordance

with

the

Program,

the

LMAT

assesses

each

Fund’s

liquidity

risk

no

less

frequently

than

annually

based

on

various

factors,

such

as

(1)

the

Fund’s

investment

strategy

and

the

liquidity

of

portfolio

investments,

(ii)

cash

flow

projections,

and

(ii)

holdings

of

cash

and

cash

equivalents,

borrowing

arrangements,

and

other

funding

sources.

Certain

factors

are

considered

under

both

normal

and

reasonably

foreseeable

stressed

conditions.

Each

Fund

portfolio

investment

is

classified

into

one

of

four

liquidity

categories

(including

the

most

liquid,

“Highly

Liquid”,

and

the

least

liquid,

“Illiquid”,

discussed

below),

The

classification

is

based

on

a

determination

of

how

long

it

is

reasonably

expected

to

take

to

convert

the

investment

into

cash,

or

sell

or

dispose

of

the

investment,

in

current

market

conditions

without

significantly

changing

the

market

value

of

the

investment

Liquidity

classification

determinations

take

into

account

various

market,

trading,

and

investment-specific

considerations,

as

well

as

market

depth,

and

use

third-

party

vendor

data.

Any

Fund

that

does

not

primarily

hold

highly

liquid

investments

must,

among

other

things,

determine

a

minimum

percentage

of

Fund

assets

that

must

be

invested

in

highly

liquid

investments

(a

“Highly

Liquid

Investment

Minimum”).

During

the

Review

Period,

each

Fund

primarily

held

Highly

Liquid

investments

and

therefore

was

exempt

from

the

requirement

to

adopt

a

Highly

Liquid

Investment

Minimum

and

to

comply

with

the

related

requirements

under

the

Liquidity

Rule.

The

Liquidity

Rule

also

limits

a

Fund’s

investments

in

Illiquid

investments.

Specifically,

the

Liquidity

Rule

prohibits

a

Fund

from

acquiring

Illiquid

investments

if

doing

so

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

illiquid

investments,

and

requires

certain

reporting

to

the

Fund

Board

and

the

Securities

and

Exchange

Commission

any

time

a

Fund’s

holdings

of

Illiquid

investments

exceeds

15%

of

net

assets.

During

the

Review

Period,

no

Fund

exceeded

the

15%

limit

on

Illiquid

investments.

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

95

At

a

meeting

held

on

May

23-25,

2023

(the

“May

Meeting”),

the

Board

of

Directors

(the

“Board”

and

each

Director,

a

“Board

Member”)

of

the

Funds,

which

is

comprised

entirely

of

Board

Members

who

are

not

“interested

persons”

(as

defined

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”))

(the

“Independent

Board

Members”),

approved,

for

each

Fund,

the

renewal

of

the

management

agreement

(each,

an

“Investment

Management

Agreement”)

with

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”)

pursuant

to

which

the

Adviser

serves

as

investment

adviser

to

such

Fund

and

the

sub-advisory

agreement

(each,

a

“Sub-Advisory

Agreement”)

with

Nuveen

Asset

Management,

LLC

(the

“Sub-Adviser”)

pursuant

to

which

the

Sub-Adviser

serves

as

the

sub-adviser

to

such

Fund

for

an

additional

one-year

term.

As

the

Board

is

comprised

of

all

Independent

Board

Members,

the

references

to

the

Board

and

the

Independent

Board

Members

are

interchangeable.

Following

up

to

an

initial

two-year

period,

the

Board

considers

the

renewal

of

each

Investment

Management

Agreement

and

Sub-Advisory

Agreement

on

behalf

of

the

applicable

Fund

on

an

annual

basis.

The

Investment

Management

Agreements

and

Sub-Advisory

Agreements

are

collectively

referred

to

as

the

“Advisory

Agreements,”

and

the

Adviser

and

the

Sub-Adviser

are

collectively,

the

“Fund

Advisers”

and

each,

a

“Fund

Adviser.”

The

Independent

Board

Members

considered

the

review

of

the

advisory

agreements

for

the

Nuveen

funds

to

be

an

ongoing

process

and

employed

the

accumulated

information,

knowledge

and

experience

the

Board

Members

had

gained

during

their

tenure

on

the

boards

governing

the

Nuveen

funds

and

working

with

the

Adviser

and

the

applicable

sub-advisers

in

their

annual

review

of

the

advisory

agreements.

Throughout

the

year,

the

Board

and

its

committees

meet

regularly

and,

at

these

meetings,

receive

regular

and/or

special

reports

that

cover

an

extensive

array

of

topics

and

information

that

are

relevant

to

the

Board’s

annual

consideration

of

the

renewal

of

the

advisory

agreements

for

the

Nuveen

funds.

Such

information

may

address,

among

other

things,

fund

performance

and

risk

information;

the

Adviser’s

strategic

plans;

product

initiatives

for

various

funds;

the

review

of

the

funds

and

investment

teams;

compliance,

regulatory

and

risk

management

matters;

the

trading

practices

of

the

various

sub-advisers

to

the

Nuveen

funds;

management

of

distributions;

valuation

of

securities;

fund

expenses;

payments

to

financial

intermediaries,

including

12b-1

fees

and

sub-transfer

agency

fees,

if

applicable;

securities

lending;

liquidity

management;

and

overall

market

and

regulatory

developments.

The

Board

also

seeks

to

meet

periodically

with

the

Nuveen

funds’

sub-advisers

and/or

portfolio

teams,

when

feasible.

The

presentations,

discussions,

and

meetings

throughout

the

year

also

provide

a

means

for

the

Board

to

evaluate

the

level,

breadth

and

quality

of

services

provided

by

the

Adviser

and

how

such

services

have

changed

over

time

in

light

of

new

or

modified

regulatory

requirements,

changes

to

market

conditions

or

other

factors.

In

connection

with

its

annual

consideration

of

the

advisory

agreements

for

the

Nuveen

funds,

the

Board,

through

its

independent

legal

counsel,

requested

and

received

extensive

materials

and

information

prepared

specifically

for

its

review

of

such

advisory

agreements

by

the

Adviser

and

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data.

The

materials

cover

a

wide

range

of

topics

including,

but

not

limited

to,

a

description

of

the

nature,

extent

and

quality

of

services

provided

by

the

Fund

Advisers;

a

review

of

product

actions

advanced

in

2022

for

the

benefit

of

particular

Nuveen

funds

and/or

the

Nuveen

fund

complex;

a

review

of

each

sub-adviser

to

the

Nuveen

funds

and/or

the

applicable

investment

team;

an

analysis

of

fund

performance

with

a

focus

on

any

Nuveen

funds

considered

performance

outliers;

an

analysis

of

the

fees

and

expense

ratios

of

the

Nuveen

funds

with

a

focus

on

any

Nuveen

funds

considered

expense

outliers;

a

review

of

management

fee

schedules;

a

review

of

temporary

and

permanent

expense

caps

and

fee

waivers

for

open-end

funds

(as

applicable)

and

related

expense

savings;

a

description

of

portfolio

manager

compensation;

a

description

of

the

profitability

or

financial

data

of

Nuveen

and

the

sub-advisers

to

the

Nuveen

funds;

and

a

description

of

indirect

benefits

received

by

the

Adviser

and

the

sub-advisers

as

a

result

of

their

relationships

with

the

Nuveen

funds.

The

information

prepared

specifically

for

the

annual

review

supplemented

the

information

provided

to

the

Board

and

its

committees

and

the

evaluations

of

the

Nuveen

funds

by

the

Board

and

its

committees

during

the

year.

The

Board’s

review

of

the

advisory

agreements

for

the

Nuveen

funds

is

based

on

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

information

prepared

specifically

with

respect

to

the

annual

review

of

such

advisory

agreements.

The

performance,

fee

and

expense

data

and

other

information

provided

by

a

Fund

Adviser,

Broadridge

or

other

service

providers

were

not

independently

verified

by

the

Independent

Board

Members.

As

part

of

its

review,

the

Board

met

on

April

11-12,

2023

(the

“April

Meeting”)

to

review

and

discuss,

in

part,

the

performance

of

the

Nuveen

funds

and

the

Adviser’s

evaluation

of

each

sub-adviser

to

the

Nuveen

funds

and/or

its

investment

teams.

At

the

April

Meeting,

the

Board

Members

asked

questions

and

requested

additional

information

that

was

provided

for

the

May

Meeting.

The

Independent

Board

Members

were

advised

by

independent

legal

counsel

during

the

annual

review

process

as

well

as

throughout

the

year,

including

meeting

in

executive

sessions

with

such

counsel

at

which

no

representatives

from

the

Adviser

or

the

Sub-Adviser

were

present.

In

connection

with

their

annual

review,

the

Independent

Board

Members

also

received

a

memorandum

from

independent

legal

counsel

outlining

their

fiduciary

duties

and

legal

standards

in

reviewing

the

Advisory

Agreements,

including

guidance

from

court

cases

evaluating

advisory

fees.

The

Board’s

decision

to

renew

the

Advisory

Agreements

was

not

based

on

a

single

identified

factor,

but

rather

the

decision

reflected

the

comprehensive

consideration

of

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

materials

prepared

specifically

in

connection

with

the

renewal

process.

The

contractual

arrangements

are

a

result

of

multiple

years

of

review,

negotiation

and

information

provided

in

connection

with

the

Board’s

annual

review

of

the

Nuveen

funds’

advisory

arrangements

and

oversight

of

the

Nuveen

funds.

Each

Board

Member

may

have

attributed

different

levels

of

importance

to

the

various

factors

and

information

considered

in

connection

with

the

approval

process

and

may

place

different

emphasis

on

the

relevant

information

year

to

year

in

light

of,

among

other

things,

changing

market

and

economic

conditions.

A

summary

of

the

principal

factors

and

information,

but

not

all

the

factors,

the

Board

considered

in

deciding

to

renew

the

Advisory

Agreements

is

set

forth

below.

96

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

A.

Nature,

Extent

and

Quality

of

Services

In

evaluating

the

renewal

of

the

Advisory

Agreements,

the

Independent

Board

Members

received

and

considered

information

regarding

the

nature,

extent

and

quality

of

the

applicable

Fund

Adviser’s

services

provided

to

the

respective

Fund

with

particular

focus

on

the

services

and

enhancements

or

changes

to

such

services

provided

during

the

last

year.

The

Independent

Board

Members

considered

the

Investment

Management

Agreements

and

the

Sub-Advisory

Agreements

separately

in

the

course

of

their

review.

With

this

approach,

they

considered

the

respective

roles

of

the

Adviser

and

the

Sub-Adviser

in

providing

services

to

the

Funds.

The

Board

recognized

that

the

Adviser

provides

a

wide

array

of

management,

oversight

and

administrative

services

to

manage

and

operate

the

Nuveen

funds

and

that

the

scope

and

complexity

of

these

services,

along

with

the

undertakings

required

of

the

Adviser

in

connection

with

providing

these

services,

have

expanded

over

time

as

a

result

of,

among

other

things,

regulatory,

market

and

other

developments.

The

Board

noted

the

Adviser’s

dedication

of

resources,

time,

personnel

and

capital

and

commitment

to

continuing

to

develop

improvements

and

innovations

that

seek

to

enhance

the

Nuveen

fund

complex

and

meet

the

needs

of

the

Nuveen

funds

in

an

increasingly

complex

regulatory

environment.

The

Board

received

and

reviewed

information

regarding,

among

other

things,

the

Adviser’s

investment

oversight

responsibilities,

regulatory

and

compliance

services,

administrative

duties

and

other

services.

The

Board

considered

the

breadth

and

the

quality

of

the

services

the

Adviser

and

its

various

teams

provide

in

overseeing

the

investment

management

of

the

Nuveen

funds,

including,

among

other

things,

overseeing

and

reviewing

the

services

provided

by

the

various

sub-advisers

to

the

Nuveen

funds

and

their

investment

teams;

evaluating

fund

performance

and

market

conditions;

overseeing

operational

and

investment

risks;

evaluating

investment

strategies

and

recommending

any

changes

thereto;

managing

liquidity;

managing

the

daily

valuation

of

portfolio

securities;

overseeing

trade

execution

and

securities

lending;

and

setting

and

managing

distributions

consistent

with

the

respective

fund’s

product

design.

The

Board

also

reviewed

the

structure

of

investment

personnel

compensation

of

each

Fund

Adviser

and

considered

whether

the

structure

provides

appropriate

incentives

to

attract

and

maintain

qualified

personnel

and

to

act

in

the

best

interests

of

the

respective

Nuveen

fund.

Given

the

Nuveen

funds

operate

in

a

highly

regulated

industry,

the

Board

further

considered

the

extensive

compliance,

regulatory

and

administrative

services

the

Adviser

and

its

various

teams

provide

to

manage

and

operate

the

Nuveen

funds.

The

Board

recognized

such

services

included,

but

were

not

limited

to,

managing

compliance

policies;

monitoring

compliance

with

applicable

policies,

laws

and

regulations;

devising

internal

compliance

programs

in

seeking

to

enhance

compliance

with

regulatory

requirements

and

creating

a

framework

to

review

and

assess

compliance

programs;

overseeing

sub-adviser

compliance

testing;

preparing

compliance

training

materials;

and

responding

to

regulatory

requests.

The

Board

reviewed

highlights

of

the

various

initiatives

Nuveen

compliance

had

taken

in

2022

including,

among

other

things,

additional

due

diligence

of

service

providers

as

their

operating

environments

evolve

post-Covid

to

more

hybrid

in-person

working

arrangements;

investments

in

supporting

and

expanding

international

trading

capabilities;

continuing

efforts

to

enhance

policies

and

controls

to

address

compliance

risks

including

those

related

to

environmental,

social

and

governance

(“ESG”)

matters

and

new

regulatory

developments

or

guidance;

and

establishing

and

maintaining

compliance

policies

and

comprehensive

compliance

training

programs.

The

Board

also

considered

information

regarding

the

Adviser’s

business

continuity,

disaster

recovery

and

information

security

programs

and

the

periodic

testing

and

review

of

such

programs.

In

addition

to

the

above

functions,

the

Board

considered

the

quality

and

extent

of

other

non-advisory

services

the

Adviser

provides

including,

among

other

things,

various

fund

administration

services

(such

as

preparing,

overseeing

or

assisting

with

the

preparation

of

tax

and

regulatory

filings);

product

management

services

(such

as

evaluating

and

enhancing

products

and

strategies);

legal

support

services;

shareholder

services

and

transfer

agency

function

oversight

services;

and

board

support

and

reporting

services.

With

respect

to

board

support

services,

the

Board

reviewed

a

summary

of

the

annual,

quarterly,

and

special

reports

the

Adviser

and/or

its

affiliates

provided

to

the

Board

throughout

2022.

The

Board

further

acknowledged

various

initiatives

the

Adviser

had

undertaken

or

continued

in

2022

in

seeking

to

improve

the

effectiveness

of

its

organization,

the

Nuveen

funds

product

line-up

as

well

as

particular

Nuveen

fund(s)

through,

among

other

things,

rationalizing

the

product

line

and

gaining

efficiencies

through

mergers,

repositionings

and

liquidations;

launching

new

funds;

reviewing

and

updating

investment

policies

and

benchmarks;

reopening

certain

funds

previously

closed

to

new

investors;

adding

or

modifying

the

share

classes

offered

by

certain

funds;

implementing

fee

waivers

and

expense

cap

changes

for

certain

funds

and

evaluating

and

adjusting

portfolio

management

teams

as

appropriate

for

various

funds;

and

developing

policy

positions

on

a

broad

range

of

regulatory

proposals

that

may

impact

the

funds

and

communicating

with

lawmakers

and

other

regulatory

authorities

to

help

ensure

these

positions

are

represented.

Aside

from

the

services

provided,

the

Board

recognized

the

financial

resources

of

the

Adviser

and

its

affiliates

and

their

willingness

to

make

investments

in

the

technology,

personnel

and

infrastructure

to

support

the

Nuveen

funds,

including

maintaining

a

seed

capital

budget

to

support

new

or

existing

funds

and/or

facilitate

changes

for

a

respective

fund.

The

Board

noted

the

benefits

to

shareholders

of

investing

in

a

fund

that

is

a

part

of

a

large

fund

complex

with

a

variety

of

investment

disciplines,

capabilities,

expertise

and

resources

available

to

navigate

and

support

the

Nuveen

funds

including

during

stressed

times.

The

Board

recognized

the

overall

reputation

and

capabilities

of

the

Adviser

and

its

affiliates,

the

Adviser’s

continuing

commitment

to

provide

high

quality

services,

its

willingness

to

implement

operational

or

organizational

changes

in

seeking,

among

other

things,

to

enhance

efficiencies

and

services

to

the

Nuveen

funds

and

its

responsiveness

to

the

Board’s

questions

and/or

concerns

raised

throughout

the

year

and

during

the

annual

review

of

advisory

agreements.

The

Board

also

considered

the

significant

risks

borne

by

the

Adviser

and

its

affiliates

in

connection

with

their

services

to

the

Nuveen

funds,

including

entrepreneurial

risks

in

sponsoring

new

funds

and

ongoing

risks

with

managing

the

funds

such

as

investment,

operational,

reputational,

regulatory,

compliance

and

litigation

risks.

The

Board

further

considered

the

division

of

responsibilities

between

the

Adviser

and

the

Sub-Adviser

and

recognized

that

the

Sub-Adviser

and

its

investment

personnel

generally

are

responsible

for

the

management

of

each

Fund’s

portfolio

under

the

oversight

of

the

Adviser

and

the

Board.

The

Board

considered

an

analysis

of

the

Sub-Adviser

provided

by

the

Adviser

which

included,

among

other

things,

the

assets

under

management

of

the

applicable

investment

team

and

changes

thereto,

a

summary

of

the

applicable

investment

team

and

changes

to

such

team,

the

investment

process

and

philosophy

of

the

applicable

investment

team,

the

performance

of

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser

over

various

periods

97

of

time

and

a

summary

of

any

significant

policy

and/or

other

changes

to

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser.

The

Board

further

considered

at

the

May

Meeting

or

prior

meetings

evaluations

of

the

Sub-Adviser’s

compliance

programs

and

trade

execution.

The

Board

noted

that

the

Adviser

recommended

the

renewal

of

the

Sub-Advisory

Agreements.

Based

on

its

review,

the

Board

determined,

in

the

exercise

of

its

reasonable

business

judgment,

that

it

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

to

the

respective

Funds

under

each

applicable

Advisory

Agreement.

B.

The

Investment

Performance

of

the

Funds

and

Fund

Advisers

In

evaluating

the

quality

of

the

services

provided

by

the

Fund

Advisers,

the

Board

also

considered

a

variety

of

investment

performance

data

of

the

Nuveen

funds

prepared

specifically

for

the

annual

review

of

the

advisory

agreements

as

well

as

the

performance

data

the

Board

received

throughout

the

year

representing

different

time

periods.

In

this

regard,

leading

into

the

May

Meeting,

the

Board

reviewed,

among

other

things,

Fund

performance

over

the

quarter,

one-,

three-

and

five-year

periods

ending

December 31,

2022

and

March

31,

2023.

The

performance

data

was

based

on

Class

A

shares;

however,

the

performance

of

other

classes

should

be

substantially

similar

as

they

invest

in

the

same

portfolio

of

securities

and

differences

in

performance

among

the

classes

would

be

principally

attributed

to

the

variations

in

the

expense

structures

of

the

classes.

In

addition,

the

Board

reviewed

and

discussed

performance

data

at

its

regularly

scheduled

quarterly

meetings

during

the

year.

The

Board

therefore

took

into

account

the

performance

data,

presentations

and

discussions

(written

and

oral)

that

have

been

provided

for

the

annual

review

as

well

as

in

prior

meetings

over

time

in

evaluating

fund

performance,

including

the

Adviser’s

analysis

of

a

fund’s

performance

with

particular

focus

on

performance

outliers

(both

overperformance

and

underperformance),

the

factors

contributing

to

performance

(including

relative

to

a

fund’s

benchmark

and

peers

and

the

impact

of

market

conditions)

and

any

recommendations

or

steps

that

had

been

taken

or

were

proposed

to

be

taken

to

address

significant

performance

concerns.

In

this

regard,

the

Board

noted,

among

other

things,

that

certain

Nuveen

funds

had

changes

in

portfolio

managers

or

other

significant

changes

to

their

investment

strategies

or

policies

since

March

2020,

and,

as

a

result,

the

Board

reviewed

certain

tracking

performance

data

comparing

the

performance

of

such

funds

before

and

after

such

changes.

The

Board

recognized

that

performance

data

reflects

performance

over

a

specified

period

which

may

differ

significantly

depending

on

the

ending

dates

selected,

particularly

during

periods

of

market

volatility.

Further,

the

Board

noted

that

shareholders

may

evaluate

performance

based

on

their

own

respective

holding

periods

which

may

differ

from

the

performance

periods

reviewed

by

the

Board

and

lead

to

differing

results.

In

its

evaluation,

the

Board

reviewed

Nuveen

fund

performance

results

from

different

perspectives.

In

general,

subject

to

certain

exceptions,

the

Board

reviewed

both

absolute

and

relative

fund

performance

during

the

annual

review

over

the

various

time

periods

and

evaluated

performance

results

in

light

of

a

fund’s

investment

objective(s),

strategies

and

risks.

With

respect

to

the

relative

performance,

the

Board

considered

fund

performance

in

comparison

to

the

performance

of

peer

funds

(the

“Performance

Peer

Group”)

and

recognized

and/or

customized

benchmarks

(i.e.,

generally

benchmarks

derived

from

multiple

recognized

benchmarks).

In

reviewing

such

comparative

performance,

the

Board

was

cognizant

of

the

inherent

limitations

of

such

data

which

can

make

meaningful

performance

comparisons

generally

difficult.

As

an

illustration,

differences

in

the

composition

of

the

Performance

Peer

Group,

the

investment

objective(s),

strategies

and

other

characteristics

of

the

peers

in

the

Performance

Peer

Group,

the

level,

type

and

cost

of

leverage

(if

any)

of

the

peers,

and

the

varying

sizes

of

peers

all

may

contribute

to

differences

in

the

performance

results

of

a

Performance

Peer

Group

compared

to

the

applicable

Nuveen

fund.

With

respect

to

relative

performance

of

a

Nuveen

fund

compared

to

a

benchmark

index,

differences,

among

other

things,

in

the

investment

objective(s)

and

strategies

of

a

fund

and

the

benchmark

(particularly

an

actively

managed

fund

that

does

not

directly

follow

an

index)

as

well

as

the

costs

of

operating

a

fund

would

necessarily

contribute

to

differences

in

performance

results

and

limit

the

value

of

the

comparative

performance

information.

To

assist

the

Board

in

its

review

of

the

comparability

of

the

relative

performance,

the

Adviser

has

ranked

the

relevancy

of

the

peer

group

to

the

Funds

as

low,

medium

or

high.

The

Board

also

evaluated

Nuveen

fund

performance

in

light

of

various

relevant

factors

which

may

include,

among

other

things,

general

market

conditions,

issuer-specific

information,

asset

class

information,

leverage

and

fund

cash

flows.

The

Board

acknowledged

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance

and

that

a

single

investment

theme

could

disproportionately

affect

performance.

Further,

the

Board

recognized

that

the

market

and

economic

conditions

may

significantly

impact

a

fund’s

performance,

particularly

over

shorter

periods,

and

such

performance

may

be

more

reflective

of

such

economic

or

market

events

and

not

necessarily

reflective

of

management

skill.

Although

the

Board

reviews

short-,

intermediate-

and

longer-term

performance

data,

the

Board

recognized

that

longer

periods

of

performance

may

reflect

full

market

cycles.

In

relation

to

recent

general

market

conditions,

the

Board

had

recognized

the

general

market

volatility

and

underperformance

of

the

market

in

2022

in

considering

Nuveen

fund

performance.

The

Board

took

into

account

the

Adviser’s

assessment

of

a

fund’s

performance

during

the

recent

period

of

significant

market

volatility.

In

their

review

from

year

to

year,

the

Board

Members

consider

and

may

place

different

emphasis

on

the

relevant

information

in

light

of

changing

circumstances

in

market

and

economic

conditions.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

However,

depending

on

the

facts

and

circumstances

including

any

differences

between

the

respective

fund

and

its

benchmark

and/or

Performance

Peer

Group,

the

Board

may

be

satisfied

with

a

fund’s

performance

notwithstanding

that

its

performance

may

be

below

that

of

its

benchmark

and/or

peer

group

for

certain

periods.

With

respect

to

any

funds

for

which

the

Board

has

identified

performance

issues,

the

Board

seeks

to

monitor

such

funds

closely

until

performance

improves,

discusses

with

the

Adviser

the

reasons

for

such

results,

considers

whether

any

steps

are

necessary

or

appropriate

to

address

such

issues,

and

reviews

the

results

of

any

steps

undertaken.

The

Board’s

determinations

with

respect

to

each

Fund

are

summarized

below.

For

Nuveen

Minnesota

Intermediate

Municipal

Bond

Fund

(the

“Minnesota

Intermediate

Fund”),

the

Board

noted

that

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

December 31,

2022

and

March

31,

2023,

the

Fund

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

one-year

periods

and

first

quartile

for

the

three-

and

five-year

periods

ended

December

31,

2022

and

March

31,

2023.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

98

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

For

Nuveen

Minnesota

Municipal

Bond

Fund

(the

“Minnesota

Fund”),

the

Board

noted

that

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

December

31,

2022

and

March

31,

2023,

the

Fund

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

such

periods.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

Nebraska

Municipal

Bond

Fund

(the

“Nebraska

Fund”),

the

Board

noted

that

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-,

three-

and

five-year

periods

ended

December 31,

2022

and

March

31,

2023.

The

Board

took

into

account

management’s

discussion

of

the

Fund’s

performance,

including

the

reasons

for

the

Fund’s

challenged

performance

for

certain

periods,

and

the

Fund’s

more

recent

improved

performance

for

the

quarter

ended

March

31,

2023.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

Oregon

Intermediate

Municipal

Bond

Fund

(the

“Oregon

Fund”),

the

Board

noted

that

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

December 31,

2022

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

December

31,

2022,

the

Fund

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

three-year

period

ended

December 31,

2022

and

second

quartile

of

its

Performance

Peer

Group

for

the

five-year

period

ended

December 31,

2022.

In

addition,

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

March

31,

2023,

the

Fund

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

March

31,

2023

and

first

quartile

for

the

three-

and

five-year

periods

ended

March

31,

2023.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

C.

Fees,

Expenses

and

Profitability

1.

Fees

and

Expenses

As

part

of

its

annual

review,

the

Board

generally

reviewed,

among

other

things,

with

respect

to

the

Nuveen

open-end

funds,

the

contractual

management

fee

and

net

management

fee

(i.e.,

the

management

fee

after

taking

into

consideration

fee

waivers

and/or

expense

reimbursements,

if

any)

paid

by

a

fund

to

the

Adviser

in

light

of

the

nature,

extent

and

quality

of

the

services

provided.

The

Board

also

considered

the

total

operating

expense

ratio

of

a

fund

(after

any

fee

waivers

and/or

expense

reimbursements).

More

specifically,

the

Independent

Board

Members

reviewed,

among

other

things,

each

Nuveen

open-end

fund’s

gross

and

net

management

fee

rates

(i.e.,

before

and

after

fee

waivers

and/or

expense

reimbursements,

if

any)

and

net

total

expense

ratio

in

relation

to

those

of

a

comparable

universe

of

funds

(the

“Peer

Universe”)

and

to

a

more

focused

subset

of

comparable

funds

(the

“Peer

Group”)

established

by

Broadridge

(subject

to

certain

exceptions).

The

Independent

Board

Members

reviewed

the

methodology

Broadridge

employed

to

establish

its

Peer

Universe

and

Peer

Group

(as

applicable)

and

recognized

that

differences

between

the

applicable

fund

and

its

respective

Peer

Universe

and/

or

Peer

Group

as

well

as

changes

to

the

composition

of

the

Peer

Group

and/or

Peer

Universe

from

year

to

year

may

limit

some

of

the

value

of

the

comparative

data.

The

Independent

Board

Members

take

these

limitations

and

differences

into

account

when

reviewing

comparative

peer

data.

The

Independent

Board

Members

also

considered

a

fund’s

operating

expense

ratio

as

it

more

directly

reflected

the

shareholder’s

costs

in

investing

in

the

respective

fund.

In

their

review,

the

Independent

Board

Members

considered,

in

particular,

each

Nuveen

fund

with

a

net

total

expense

ratio

of

six

basis

points

or

higher

compared

to

that

of

its

peer

average

(each,

an

“Expense

Outlier

Fund”)

and

an

analysis

as

to

the

factors

contributing

to

each

such

fund’s

higher

relative

net

total

expense

ratio.

Accordingly,

in

reviewing

the

comparative

data

between

a

fund

and

its

peers,

the

Board

generally

considered

the

fund’s

net

total

expense

ratio

and

fees

to

be

higher

if

they

were

over

10

basis

points

higher,

slightly

higher

if

they

were

6

to

10

basis

points

higher,

in

line

if

they

were

within

approximately

5

basis

points

higher

than

the

peer

average

and

below

if

they

were

below

the

peer

average

of

the

Peer

Group.

The

Independent

Board

Members

also

considered,

in

relevant

part,

a

Nuveen

fund’s

management

fee

and

net

total

expense

ratio

in

light

of

its

performance

history,

including

reviewing

certain

funds

identified

by

the

Adviser

and/or

the

Board

as

having

a

higher

net

total

expense

ratio

or

management

fee

compared

to

their

respective

peers

coupled

with

experiencing

periods

of

challenged

performance

and

considering

the

reasons

for

such

comparative

positions.

In

addition,

in

their

review

of

the

fee

arrangements

for

the

Nuveen

funds,

the

Independent

Board

Members

considered

the

management

fee

schedules,

including

the

complex-wide

and

fund-level

breakpoint

schedules,

and

the

expense

reimbursements

and/or

fee

waivers

provided

by

Nuveen

for

each

fund,

as

applicable.

The

Board

noted

that

across

the

Nuveen

fund

complex,

the

complex-wide

fee

breakpoints

reduced

fees

by

approximately

$62.4

million

and

fund-level

breakpoints

reduced

fees

by

approximately

$76.1

million

in

2022.

Further,

fee

caps

and

waivers

for

all

applicable

Nuveen

funds

saved

shareholders

approximately

$13.4

million

in

fees

in

2022.

With

respect

to

the

Sub-Adviser,

the

Board

also

considered,

among

other

things,

the

sub-advisory

fee

schedule

paid

to

the

Sub-Adviser

in

light

of

the

sub-advisory

services

provided

to

the

respective

Fund

and

comparative

data

of

the

fees

the

Sub-Adviser

charges

to

other

clients,

if

any.

In

its

review,

the

Board

recognized

that

the

compensation

paid

to

the

Sub-Adviser

is

the

responsibility

of

the

Adviser,

not

the

Funds.

99

The

Independent

Board

Members

noted

that

(a)

the

Minnesota

Intermediate

Fund

and

the

Oregon

Fund

each

had

a

net

management

fee

that

was

higher

than

the

respective

peer

average,

but

a

net

total

expense

ratio

that

was

below

the

respective

peer

average;

(b)

the

Minnesota

Fund

had

a

net

management

fee

that

was

in

line

with

the

peer

average

and

a

net

total

expense

ratio

that

was

below

the

peer

average;

and

(c)

the

Nebraska

Fund

had

a

net

management

fee

that

was

higher

than

the

peer

average,

but

a

net

total

expense

ratio

that

was

in

line

with

the

peer

average.

Based

on

its

review

of

the

information

provided,

the

Board

determined

that

each

Fund’s

management

fees

(as

applicable)

to

a

Fund

Adviser

were

reasonable

in

light

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

2.

Comparisons

with

the

Fees

of

Other

Clients

In

evaluating

the

appropriateness

of

fees,

the

Board

also

considered

information

regarding

the

fee

rates

the

respective

Fund

Advisers

charged

to

certain

other

types

of

clients

and

the

type

of

services

provided

to

these

other

clients.

With

respect

to

the

municipal

Nuveen

funds,

such

other

clients

may

include

retail

and

institutional

municipal

managed

accounts

sub-advised

by

the

Sub-Adviser,

municipal

exchange-traded

funds

(“ETFs”)

sub-advised

by

the

Sub-Adviser

that

are

offered

by

another

fund

complex,

municipal

managed

accounts

offered

by

an

unaffiliated

adviser

and

certain

municipal

private

limited

partnerships

offered

by

Nuveen.

The

Board

reviewed,

among

other

things,

the

fee

range

and

average

fee

of

municipal

retail

advisory

accounts

and

municipal

institutional

accounts,

the

sub-advisory

fee

the

Sub-Adviser

received

for

serving

as

sub-adviser

to

certain

municipal

ETFs

offered

outside

the

Nuveen

family

and

the

management

fee

rates

paid

by

the

municipal

private

limited

partnerships

operated

by

Nuveen.

In

considering

the

comparative

fee

data,

the

Board

recognized

that

differences,

including

but

not

limited

to,

the

amount,

type

and

level

of

services

provided

by

the

Adviser

to

the

Nuveen

funds

compared

to

that

provided

to

other

clients

as

well

as

differences

in

investment

policies;

eligible

portfolio

assets

and

the

manner

of

managing

such

assets;

product

structure;

investor

profiles;

account

sizes;

and

regulatory

requirements

contribute

to

the

variations

in

the

fee

schedules.

The

Board

acknowledged

the

wide

range

of

services

in

addition

to

investment

management

that

the

Adviser

had

provided

to

the

Nuveen

funds

compared

to

other

types

of

clients

as

well

as

the

increased

entrepreneurial,

legal

and

regulatory

risks

that

the

Adviser

incurs

in

sponsoring

and

managing

the

Nuveen

funds.

In

general,

higher

fee

levels

reflect

higher

levels

of

service

provided

by

the

Adviser,

increased

investment

management

complexity,

greater

product

management

requirements,

and

higher

levels

of

business

risk

or

some

combination

of

these

factors.

The

Board

further

considered

that

the

Sub-Adviser’s

fee

is

essentially

for

portfolio

management

services

and

therefore

more

comparable

to

the

fees

it

receives

for

retail

wrap

accounts

and

other

external

sub-advisory

mandates.

The

Board

concluded

the

varying

levels

of

fees

were

justified

given,

among

other

things,

the

more

extensive

services,

regulatory

requirements

and

legal

liabilities,

and

the

entrepreneurial,

legal

and

regulatory

risks

incurred

in

sponsoring

and

advising

a

registered

investment

company

compared

to

that

required

in

advising

other

types

of

clients.

3.

Profitability

of

Fund

Advisers

In

their

review,

the

Independent

Board

Members

considered

estimated

profitability

information

of

Nuveen

as

a

result

of

its

advisory

services

to

the

Nuveen

funds

as

well

as

profitability

data

of

other

publicly

traded

asset

management

firms.

Such

profitability

information

included,

among

other

things,

gross

and

net

revenue

margins

(excluding

distribution)

of

Nuveen

Investments,

Inc.

(“Nuveen

Investments”)

for

services

to

the

Nuveen

funds

on

a

pre-tax

and

after-tax

basis

for

the

2022

and

2021

calendar

years

as

well

as

the

revenues

earned

(less

any

expense

reimbursements/fee

waivers)

and

expenses

incurred

by

Nuveen

Investments

for

its

advisory

activities

to

the

Nuveen

funds

(excluding

distribution

and

certain

other

expenses)

for

the

2022

and

2021

calendar

years.

The

Independent

Board

Members

also

considered

a

summary

of

some

of

the

key

factors

that

impacted

Nuveen’s

profitability

in

2022.

In

addition,

the

Board

reviewed

the

revenues,

expenses

and

operating

margin

(pre-

and

after-tax)

the

Adviser

derived

from

its

ETF

product

line

for

the

2022

and

2021

calendar

years.

In

developing

the

profitability

data

of

the

Adviser

for

its

advisory

services

to

the

Nuveen

funds,

the

Independent

Board

Members

recognized

the

subjective

nature

of

calculating

profitability

as

the

information

is

not

audited

and

is

necessarily

dependent

on

cost

allocation

methodologies

to

allocate

expenses

throughout

the

complex

and

among

the

various

advisory

products.

Given

there

is

no

perfect

expense

allocation

methodology

and

that

other

reasonable

and

valid

allocation

methodologies

could

be

employed

and

could

lead

to

significantly

different

results,

the

Board

reviewed,

among

other

things,

a

description

of

the

cost

allocation

methodologies

employed

to

develop

the

financial

information,

a

summary

of

the

history

of

changes

to

the

methodology

over

the

years

from

2010

through

2022,

and

a

historical

expense

analysis

of

Nuveen

Investments’

revenues,

expenses

and

pre-tax

net

revenue

margins

derived

from

its

advisory

services

to

the

Nuveen

funds

(excluding

distribution)

for

the

calendar

years

from

2017

through

2022.

The

Board

had

also

appointed

four

Independent

Board

Members

to

serve

as

the

Board’s

liaisons,

with

the

assistance

of

independent

counsel,

to

meet

with

representatives

of

the

Adviser

and

review

the

development

of

the

profitability

data

and

to

report

to

the

full

Board.

100

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

In

addition,

the

Board

considered

certain

comparative

operating

margin

data.

In

this

regard,

the

Board

reviewed

the

operating

margins

of

Nuveen

Investments

compared

to

the

adjusted

operating

margins

of

a

peer

group

of

asset

management

firms

with

publicly

available

data

and

the

most

comparable

assets

under

management

(based

on

asset

size

and

asset

composition)

to

Nuveen.

The

Board

recognized

that

the

operating

margins

of

the

peers

were

adjusted

generally

to

address

that

certain

services

provided

by

the

peers

were

not

provided

by

Nuveen.

The

Board

also

reviewed,

among

other

things,

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

on

a

company-wide

basis

and

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

derived

from

its

services

to

the

Nuveen

funds

only

(including

and

excluding

distribution)

compared

to

the

adjusted

operating

margins

of

the

peer

group

for

each

calendar

year

from

2012

to

2022.

Although

the

total

company

operating

margins

of

Nuveen

Investments

were

in

the

bottom

half

of

the

peer

group

range

for

2022

and

2021,

the

Independent

Board

Members

recognized

the

limitations

of

the

comparative

data

given

that

peer

data

is

not

generally

public

and

the

calculation

of

profitability

is

subjective

and

affected

by

numerous

factors

(such

as

types

of

funds

a

peer

manages,

its

business

mix,

its

cost

of

capital,

the

numerous

assumptions

underlying

the

methodology

used

to

allocate

expenses

and

other

factors)

that

can

have

a

significant

impact

on

the

results.

Aside

from

Nuveen’s

profitability,

the

Board

recognized

that

the

Adviser

is

a

subsidiary

of

Nuveen,

LLC,

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”).

Accordingly,

the

Board

also

reviewed

a

balance

sheet

for

TIAA

reflecting

its

assets,

liabilities

and

capital

and

contingency

reserves

for

the

2022

and

2021

calendar

years

to

consider

the

financial

strength

of

TIAA.

The

Board

recognized

the

benefit

of

an

investment

adviser

and

its

parent

with

significant

resources,

particularly

during

periods

of

market

volatility.

The

Board

also

noted

the

reinvestments

Nuveen,

its

parent

and/or

other

affiliates

made

into

its

business

through,

among

other

things,

the

investment

of

seed

capital

in

certain

Nuveen

funds

and

continued

investments

in

enhancements

to

technological

capabilities.

In

addition

to

Nuveen,

the

Independent

Board

Members

considered

the

profitability

of

the

Sub-Adviser

from

its

relationships

with

the

respective

Nuveen

funds.

In

this

regard,

the

Independent

Board

Members

reviewed,

among

other

things,

the

Sub-Adviser’s

revenues,

expenses

and

net

revenue

margins

(pre-

and

after-tax)

for

its

advisory

activities

to

the

respective

Nuveen

funds

for

the

calendar

years

ended

December

31,

2022

and

December

31,

2021.

The

Independent

Board

Members

also

reviewed

a

profitability

analysis

reflecting

the

revenues,

expenses

and

revenue

margin

(pre-

and

after-tax)

by

asset

type

for

the

Sub-Adviser

for

the

calendar

years

ending

December

31,

2022

and

December

31,

2021.

In

evaluating

the

reasonableness

of

the

compensation,

the

Independent

Board

Members

also

considered

any

other

ancillary

benefits

derived

by

the

respective

Fund

Adviser

from

its

relationship

with

the

Nuveen

funds

as

discussed

in

further

detail

below.

Based

on

a

consideration

of

all

the

information

provided,

the

Board

noted

that

Nuveen’s

and

the

Sub-Adviser’s

level

of

profitability

was

acceptable

and

not

unreasonable

in

light

of

the

services

provided.

D.

Economies

of

Scale

and

Whether

Fee

Levels

Reflect

These

Economies

of

Scale

The

Board

considered

whether

there

have

been

economies

of

scale

with

respect

to

the

management

of

the

Nuveen

funds,

whether

these

economies

of

scale

have

been

appropriately

shared

with

the

funds

and

whether

there

is

potential

for

realization

of

further

economies

of

scale.

Although

the

Board

recognized

that

economies

of

scale

are

difficult

to

measure

with

any

precision

and

certain

expenses

may

not

decline

with

a

rise

in

assets,

the

Board

considered

that

Nuveen

shares

the

benefits

of

economies

of

scale,

if

any,

in

a

number

of

ways

including

through

the

use

of

breakpoints

in

the

management

fee

schedule,

fee

waivers

and/or

expense

limitations,

the

pricing

of

funds

at

scale

at

inception

and

investments

in

Nuveen’s

business

which

can

enhance

the

services

provided

to

the

funds

for

the

fees

paid.

In

this

regard,

the

Board

recognized

that

the

management

fee

of

the

Adviser

is

generally

comprised

of

a

fund-level

component

and

a

complex-level

component

each

with

its

own

breakpoint

schedule,

subject

to

certain

exceptions.

The

Board

reviewed

the

fund-level

and

complex-level

fee

schedules.

With

this

structure,

the

Board

noted

that

the

complex-level

breakpoint

schedule

is

designed

to

deliver

the

benefits

of

economies

of

scale

to

shareholders

when

the

eligible

assets

in

the

complex

pass

certain

thresholds

even

if

the

assets

of

a

particular

fund

are

unchanged

or

have

declined,

and

the

fund-level

breakpoint

schedules

are

designed

to

share

economies

of

scale

with

shareholders

if

the

particular

fund

grows.

In

addition

to

the

fund-level

and

complex-level

fee

schedules,

the

Independent

Board

Members

considered

the

temporary

and/or

permanent

expense

caps

applicable

to

certain

Nuveen

funds

(including

the

amounts

of

fees

waived

or

amounts

reimbursed

to

the

respective

funds

in

2022

and

2021),

including

the

temporary

expense

cap

applicable

to

the

Nebraska

Fund.

The

Board

recognized

that

such

waivers

and

reimbursements

applicable

to

the

respective

Nuveen

funds

are

another

means

for

potential

economies

of

scale

to

be

shared

with

shareholders

of

such

funds

and

can

provide

a

protection

from

an

increase

in

expenses

if

the

assets

of

the

applicable

funds

decline.

As

noted

above,

the

Independent

Board

Members

also

recognized

the

continued

reinvestment

in

Nuveen’s

business

to

enhance

its

capabilities

and

services

to

the

benefit

of

its

various

clients.

The

Board

understood

that

many

of

these

investments

in

the

Nuveen

business

were

not

specific

to

individual

Nuveen

funds

but

rather

incurred

across

of

a

variety

of

products

and

services

pursuant

to

which

the

family

of

Nuveen

funds

as

a

whole

may

benefit.

In

addition,

the

Board

also

considered

that

Nuveen

has

provided,

without

raising

advisory

fees

to

the

Nuveen

funds,

certain

additional

services,

including,

but

not

limited

to,

services

required

by

new

regulations

and

regulatory

interpretations,

and

this

was

also

a

means

of

sharing

economies

of

scale

with

the

funds

and

their

shareholders.

Based

on

its

review,

the

Board

was

satisfied

that

the

current

fee

arrangements

together

with

the

reinvestment

in

Nuveen’s

business

appropriately

shared

any

economies

of

scale

with

shareholders.

101

E.

Indirect

Benefits

The

Independent

Board

Members

received

and

considered

information

regarding

other

benefits

the

respective

Fund

Adviser

or

its

affiliates

may

receive

as

a

result

of

their

relationship

with

the

Nuveen

funds.

The

Independent

Board

Members

recognized

that

an

affiliate

of

the

Adviser

serves

as

principal

underwriter

providing

distribution

and/or

shareholder

services

to

the

open-end

funds

for

which

it

may

be

compensated.

The

Independent

Board

Members

further

noted

that,

subject

to

certain

exceptions,

certain

classes

of

the

Nuveen

open-end

funds

pay

12b-1

fees

and

while

a

majority

of

such

fees

were

paid

to

third

party

financial

intermediaries,

the

Board

reviewed

the

amount

retained

by

the

Adviser’s

affiliate.

In

addition,

the

Independent

Board

Members

noted

that

the

various

sub-advisers

to

the

Nuveen

funds

do

not

generally

benefit

from

soft

dollar

arrangements

with

respect

to

Nuveen

fund

portfolio

transactions.

Based

on

its

review,

the

Board

concluded

that

any

indirect

benefits

received

by

a

Fund

Adviser

as

a

result

of

its

relationship

with

the

Funds

were

reasonable

in

light

of

the

services

provided.

F.

Other

Considerations

The

Independent

Board

Members

did

not

identify

any

single

factor

discussed

previously

as

all-important

or

controlling.

The

Independent

Board

Members

concluded

that

the

terms

of

each

Advisory

Agreement

were

reasonable,

that

the

respective

Fund

Adviser’s

fees

were

reasonable

in

light

of

the

services

provided

to

each

Fund

and

that

the

Advisory

Agreements

be

renewed

for

an

additional

one-year

period.

102

Directors

and

Officers

(Unaudited)

The

management

of

the

Funds,

including

general

supervision

of

the

duties

performed

for

the

Funds

by

the

Adviser,

is

the

responsibility

of

the

Board

of Directors

of

the

Funds.

The

number

of

Directors of

the

Funds

is

currently

set

at

ten.

None

of

the Directors

who

are

not

“interested”

persons

of

the

Funds

(referred

to

herein

as

“Independent

Directors”)

has

ever

been

a Director

or

employee

of,

or

consultant

to,

Nuveen

or

its

affiliates.

The

names

and

business

addresses

of

the Directors

and

officers

of

the

Funds,

their

principal

occupations

and

other

affiliations

during

the

past

five

years,

the

number

of

portfolios

each

oversees

and

other

directorships

they

hold

are

set

forth

below.

The

Funds’

Statement

of

Additional

Information

(“SAI”)

includes

more

information

about

the

Directors.

To

request

a

free

copy,

call

Nuveen

Investments

at

(800)

257-8787

or

visit

the

Funds’

website

at

www.nuveen.com.

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Director

Independent

Directors:

Terence

J.

Toth

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Chair

and

Director

2008

Formerly,

a

Co-Founding

Partner,

Promus

Capital

(investment

advisory

firm)

(2008-2017);

formerly,

Director,

Quality

Control

Corporation

(manufacturing)

(2012-2021);

Chair

of

the

Board

of

the

Kehrein

Center

for

the

Arts

(philanthropy)

(since

2021);

member:

Catalyst

Schools

of

Chicago

Board

(since

2008)

and

Mather

Foundation

Board

(philanthropy)

(since

2012),

formerly,

Chair

of

its

Investment

Committee

(2017-2022);

formerly,

Member,

Chicago

Fellowship

Board

(philanthropy)

2005-2016);

formerly,

Director,

Fulcrum

IT

Services

LLC

(information

technology

services

firm

to

government

entities)

(2010-2019);

formerly,

Director,

LogicMark

LLC

(health

services)

(2012-2016);

formerly,

Director,

Legal

&

General

Investment

Management

America,

Inc.

(asset

management)

(2008-2013);

formerly,

CEO

and

President,

Northern

Trust

Global

Investments

(financial

services)

(2004-2007);

Executive

Vice

President,

Quantitative

Management

&

Securities

Lending

(2000-2004);

prior

thereto,

various

positions

with

Northern

Trust

Company

(financial

services)

(since

1994);

formerly,

Member,

Northern

Trust

Mutual

Funds

Board

(2005-2007),

Northern

Trust

Global

Investments

Board

(2004-2007),

Northern

Trust

Japan

Board

(2004-2007),

Northern

Trust

Securities

Inc.

Board

(2003-2007)

and

Northern

Trust

Hong

Kong

Board

(1997-2004).

138

Jack

B.

Evans

1948

333

W.

Wacker

Drive

Chicago,

IL

60606

Director

1999

Chairman

(since

2019),

formerly,

President

(1996-2019),

The

Hall-Perrine

Foundation,

(private

philanthropic

corporation);

Life

Trustee

of

Coe

College

and

the

Iowa

College

Foundation;

formerly,

Member

and

President

Pro-Tem

of

the

Board

of

Regents

for

the

State

of

Iowa

University

System

(2007-

2013);

Director

and

Chairman

(2009-2021),

United

Fire

Group,

a

publicly

held

company;

Director,

Public

Member,

American

Board

of

Orthopaedic

Surgery

(2015-2020);

Director

(2000-2004),

Alliant

Energy;

Director

(1996-2015),

The

Gazette

Company

(media

and

publishing);

Director

(1997-

2003),

Federal

Reserve

Bank

of

Chicago;

President

and

Chief

Operating

Officer

(1972-1995),

SCI

Financial

Group,

Inc.,

(regional

financial

services

firm).

138

William

C.

Hunter

1948

333

W.

Wacker

Drive

Chicago,

IL

60606

Director

2003

Dean

Emeritus,

formerly,

Dean,

Tippie

College

of

Business,

University

of

Iowa

(2006-2012);

Director

of

Wellmark,

Inc.

(since

2009);

past

Director

(2005-2015),

and

past

President

(2010-

2014)

Beta

Gamma

Sigma,

Inc.,

The

International

Business

Honor

Society;

formerly,

Director

(2004-2018)

of

Xerox

Corporation;

formerly,

Dean

and

Distinguished

Professor

of

Finance,

School

of

Business

at

the

University

of

Connecticut

(2003-2006);

previously,

Senior

Vice

President

and

Director

of

Research

at

the

Federal

Reserve

Bank

of

Chicago

(1995-2003);

formerly,

Director

(1997-2007),

Credit

Research

Center

at

Georgetown

University.

138

103

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Director

Amy

B.

R.

Lancellotta

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Director

2021

Formerly,

Managing

Director,

Independent

Directors

Council

(IDC)

(supports

the

fund

independent

director

community

and

is

part

of

the

Investment

Company

Institute

(ICI),

which

represents

regulated

investment

companies)

(2006-2019);

formerly,

various

positions

with

ICI

(1989-2006);

Member

of

the

Board

of

Directors,

Jewish

Coalition

Against

Domestic

Abuse

(JCADA)

(since

2020).

138

Joanne

T.

Medero

1954

333

W.

Wacker

Drive

Chicago,

IL

60606

Director

2021

Formerly,

Managing

Director,

Government

Relations

and

Public

Policy

(2009-2020)

and

Senior

Advisor

to

the

Vice

Chairman

(2018-2020),

BlackRock,

Inc.

(global

investment

management

firm);

formerly,

Managing

Director,

Global

Head

of

Government

Relations

and

Public

Policy,

Barclays

Group

(IBIM)

(investment

banking,

investment

management

and

wealth

management

businesses)(2006-2009);

formerly,

Managing

Director,

Global

General

Counsel

and

Corporate

Secretary,

Barclays

Global

Investors

(global

investment

management

firm)

(1996-2006);

formerly,

Partner,

Orrick,

Herrington

&

Sutcliffe

LLP

(law

firm)

(1993-1995);

formerly,

General

Counsel,

Commodity

Futures

Trading

Commission

(government

agency

overseeing

U.S.

derivatives

markets)

(1989-1993);

formerly,

Deputy

Associate

Director/Associate

Director

for

Legal

and

Financial

Affairs,

Office

of

Presidential

Personnel,

The

White

House

(1986-1989);

Member

of

the

Board

of

Directors,

Baltic-American

Freedom

Foundation

(seeks

to

provide

opportunities

for

citizens

of

the

Baltic

states

to

gain

education

and

professional

development

through

exchanges

in

the

U.S.)

(since

2019).

138

Albin

F.

Moschner

1952

333

W.

Wacker

Drive

Chicago,

IL

60606

Director

2016

Founder

and

Chief

Executive

Officer,

Northcroft

Partners,

LLC,

(management

consulting)

(since

2012);

formerly,

Chairman

(2019),

and

Director

(2012-2019),

USA

Technologies,

Inc.,

(provider

of

solutions

and

services

to

facilitate

electronic

payment

transactions);

formerly,

Director,

Wintrust

Financial

Corporation

(1996-2016);

previously,

held

positions

at

Leap

Wireless

International,

Inc.

(consumer

wireless

services),

including

Consultant

(2011-2012),

Chief

Operating

Officer

(2008-2011),

and

Chief

Marketing

Officer

(2004-2008);

formerly,

President,

Verizon

Card

Services

division

of

Verizon

Communications,

Inc.

(2000-2003);

formerly,

President,

One

Point

Services

at

One

Point

Communications

(telecommunication

services)

(1999-2000);

formerly,

Vice

Chairman

of

the

Board,

Diba,

Incorporated

(internet

technology

provider)

(1996-1997);

formerly,

various

executive

positions

(1991-1996)

including

Chief

Executive

Officer

(1995-1996)

of

Zenith

Electronics

Corporation

(consumer

electronics).

138

John

K.

Nelson

1962

333

W.

Wacker

Drive

Chicago,

IL

60606

Director

2013

Member

of

Board

of

Directors

of

Core12

LLC.

(private

firm

which

develops

branding,

marketing

and

communications

strategies

for

clients)

(since

2008);

served

The

President’s

Council

of

Fordham

University

(2010-2019)

and

previously

a

Director

of

the

Curran

Center

for

Catholic

American

Studies

(2009-2018);

formerly,

senior

external

advisor

to

the

Financial

Services

practice

of

Deloitte

Consulting

LLP.

(2012-2014);

former

Chair

of

the

Board

of

Trustees

of

Marian

University

(2010-2014

as

trustee,

2011-2014

as

Chair);

formerly

Chief

Executive

Officer

of

ABN

AMRO

Bank

N.V.,

North

America,

and

Global

Head

of

the

Financial

Markets

Division

(2007-2008),

with

various

executive

leadership

roles

in

ABN

AMRO

Bank

N.V.

between

1996

and

2007.

138

104

Directors

and

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Director

Matthew

Thornton

III

1958

333

W.

Wacker

Drive

Chicago,

IL

60606

Director

2020

Formerly,

Executive

Vice

President

and

Chief

Operating

Officer

(2018-2019),

FedEx

Freight

Corporation,

a

subsidiary

of

FedEx

Corporation

(FedEx)

(provider

of

transportation,

e-commerce

and

business

services

through

its

portfolio

of

companies);

formerly,

Senior

Vice

President,

U.S.

Operations

(2006-2018),

Federal

Express

Corporation,

a

subsidiary

of

FedEx;

formerly

Member

of

the

Board

of

Directors

(2012-2018),

Safe

Kids

Worldwide®

(a

non-profit

organization

dedicated

to

preventing

childhood

injuries).

Member

of

the

Board

of

Directors

(since

2014),

The

Sherwin-Williams

Company

(develops,

manufactures,

distributes

and

sells

paints,

coatings

and

related

products);

Director

(since

2020),

Crown

Castle

International

(provider

of

communications

infrastructure).

138

Margaret

L.

Wolff

1955

333

W.

Wacker

Drive

Chicago,

IL

60606

Director

2016

Formerly,

member

of

the

Board

of

Directors

(2013-2017)

of

Travelers

Insurance

Company

of

Canada

and

The

Dominion

of

Canada

General

Insurance

Company

(each,

a

part

of

Travelers

Canada,

the

Canadian

operation

of

The

Travelers

Companies,

Inc.);

formerly,

Of

Counsel,

Skadden,

Arps,

Slate,

Meagher

&

Flom

LLP

(Mergers

&

Acquisitions

Group)

(legal

services)

(2005-2014);

Member

of

the

Board

of

Trustees

of

New

York-Presbyterian

Hospital

(since

2005);

Member

(since

2004)

formerly,

Chair

(2015-2022)

of

the

Board

of

Trustees

of

The

John

A.

Hartford

Foundation

(a

philanthropy

dedicated

to

improving

the

care

of

older

adults);

formerly,

Member

(2005-2015)

and

Vice

Chair

(2011-2015)

of

the

Board

of

Trustees

of

Mt.

Holyoke

College.

138

Robert

L.

Young

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Director

2017

Formerly,

Chief

Operating

Officer

and

Director,

J.P.

Morgan

Investment

Management

Inc.

(financial

services)

(2010-2016);

formerly,

President

and

Principal

Executive

Officer

(2013-2016),

and

Senior

Vice

President

and

Chief

Operating

Officer

(2005-2010),

of

J.P.

Morgan

Funds;

formerly,

Director

and

various

officer

positions

for

J.P.

Morgan

Investment

Management

Inc.

(formerly,

JPMorgan

Funds

Management,

Inc.

and

formerly,

One

Group

Administrative

Services)

and

JPMorgan

Distribution

Services,

Inc.

(financial

services)

(formerly,

One

Group

Dealer

Services,

Inc.)

(1999-2017).

138

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Officers

of

the

Funds:

Justin

M.

Pfaff

1981

333

W.

Wacker

Drive

Chicago,

IL

60606

Chief

Administrative

Officer

2023

Managing

Director,

Advisory

Product,

Nuveen

(since

2016).

Chartered

Financial

Analyst.

Brett

E.

Black

1972

333

West

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Chief

Compliance

Officer

2022

Managing

Director

of

Nuveen

(since

2022);

formerly,

Vice

President

(2014-2022),

Chief

Compliance

Officer

(2017-2022);

Deputy

Chief

Compliance

Officer

(2014-

2017)

of

BMO

Funds,

Inc.

Mark

J.

Czarniecki

1979

901

Marquette

Avenue

Minneapolis,

MN

55402

Vice

President

and

Assistant

Secretary

2013

Managing

Director

(since

2022),

formerly,

Vice

President

(2016-2022),

and

Assistant

Secretary

(since

2016)

of

Nuveen

Securities,

LLC;

Managing

Director

(since

2022),

formerly,

Vice

President

(2017-2022)

and

Assistant

Secretary

(since

2017)

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director

and

Associate

General

Counsel

(since

January

2022),

formerly,

Vice

President

and

Associate

General

Counsel

of

Nuveen

(2013-2021);

Managing

Director

(since

2022),

formerly,

Vice

President

(2018-2022),

Assistant

Secretary

and

Associate

General

Counsel

(since

2018)

of

Nuveen

Asset

Management,

LLC.

105

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Diana

R.

Gonzalez

1978

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2017

Vice

President

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC

(since

2017);

Vice

President

and

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2022);

Vice

President

and

Associate

General

Counsel

of

Nuveen

(since

2017);

formerly,

Associate

General

Counsel

of

Jackson

National

Asset

Management

(2012-2017).

Nathaniel

T.

Jones

1979

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Treasurer

2016

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2017-2021),

Senior

Vice

President

(2016-2017)

of

Nuveen;

Managing

Director

(since

2015)

of

Nuveen

Fund

Advisors,

LLC;

Chartered

Financial

Analyst.

Tina

M.

Lazar

1961

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2002

Managing

Director

(since

2017),

formerly,

Senior

Vice

President

(2014-2017)

of

Nuveen

Securities,

LLC.

Brian

J.

Lockhart

1974

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2019

Managing

Director

(since

2019)

of

Nuveen

Fund

Advisors,

LLC;

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2017-2021),

Vice

President

(2010-2017)

of

Nuveen;

Head

of

Investment

Oversight

(since

2017),

formerly,

Team

Leader

of

Manager

Oversight

(2015-2017);

Chartered

Financial

Analyst

and

Certified

Financial

Risk

Manager.

John

M.

McCann

1975

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2022

Managing

Director

(since

2021),

General

Counsel

and

Secretary

(since

2023),

formerly,

Assistant

Secretary

(2021-2023),

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2021);

Managing

Director

(since

2021)

and

Assistant

Secretary

(since

2016)

of

TIAA

SMA

Strategies

LLC;

Managing

Director

(since

2019,

formerly,

Vice

President

and

Director),

Associate

General

Counsel

and

Assistant

Secretary

of

College

Retirement

Equities

Fund,

TIAA

Separate

Account

VA-1,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director

(since

2018),

formerly,

Vice

President

and

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Insurance

and

Annuity

Association

of

America,

Teacher

Advisors

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Vice

President

(since

2017),

Associate

General

Counsel

and

Assistant

Secretary

(since

2011)

of

Nuveen

Alternative

Advisors

LLC;

General

Counsel

and

Assistant

Secretary

of

Covariance

Capital

Management,

Inc.

(2014-2017).

Kevin

J.

McCarthy

1966

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2007

Executive

Vice

President

(since

2022)

and

Secretary

and

General

Counsel

(since

2016)

of

Nuveen

Investments,

Inc.,

formerly,

Senior

Managing

Director

(2017-

2022);

Executive

Vice

President

(since

2023)

and

Assistant

Secretary

(since

2008)

of

Nuveen

Securities,

LLC,

formerly

Senior

Managing

Director

(2017-2023);

Executive

Vice

President

and

Assistant

Secretary

(since

2023)

of

Nuveen

Fund

Advisors,

LLC,

formerly,

Senior

Managing

Director

(2017-2023),

Secretary

(2016-

2023)

and

Co-General

Counsel

(2011-2020);

Executive

Vice

President

(since

2023)

and

Secretary

(since

2016)

of

Nuveen

Asset

Management,

LLC,

formerly,

Senior

Managing

Director

(2017-2023)

and

Associate

General

Counsel

(2011-

2020);

formerly,

Vice

President

(2007-2021)

and

Secretary

(2016-2021),

of

NWQ

Investment

Management

Company,

LLC

and

Santa

Barbara

Asset

Management,

LLC;

Vice

President

and

Secretary

of

Winslow

Capital

Management,

LLC

(since

2010);

Executive

Vice

President

(since

2023)

and

Secretary

(since

2016)

of

Nuveen

Alternative

Investments,

LLC,

formerly

Senior

Managing

Director

(2017-2023).

Jon

Scott

Meissner

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2019

Managing

Director,

Mutual

Fund

Tax

and

Expense

Administration

(since

2022),

formerly,

Managing

Director

of

Mutual

Fund

Tax

and

Financial

Reporting

groups

(2017-2022),

at

Nuveen;

Managing

Director

of

Nuveen

Fund

Advisors,

LLC

(since

2019);

Managing

Director

(since

2021),

formerly,

Senior

Director

(2016-2021),

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director,

Mutual

Fund

Tax

and

Expense

Administration

(since

2022),

formerly,

Senior

Director

Mutual

Fund

Taxation

(2015-2022),

to

the

TIAA-CREF

Funds,

the

TIAA-CREF

Life

Funds,

the

TIAA

Separate

Account

VA-1

and

the

CREF

Accounts;

has

held

various

positions

with

TIAA

since

2004.

William

A.

Siffermann

1975

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2017

Managing

Director

(since

2017),

formerly

Senior

Vice

President

(2016-2017)

of

Nuveen.

106

Directors

and

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Trey

S.

Stenersen

1965

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

2022

Senior

Managing

Director

of

Teacher

Advisors

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2018);

Senior

Managing

Director

(since

2019)

and

Chief

Risk

Officer

(since

2022),

formerly

Head

of

Investment

Risk

Management

(2017-

2022)

of

Nuveen;

Senior

Managing

Director

(since

2018)

of

Nuveen

Alternative

Advisors

LLC.

E.

Scott

Wickerham

1973

8500

Andrew

Carnegie

Blvd.                                     

Charlotte,

NC

28262

Vice

President

and

Controller

2019

Senior

Managing

Director,

Head

of

Public

Investment

Finance

of

Nuveen

(since

2019),

formerly,

Managing

Director;

Senior

Managing

Director

(since

2019)

of

Nuveen

Fund

Advisors,

LLC;

Senior

Managing

Director

(since

2022)

of

Nuveen

Asset

Management,

LLC;

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

(since

2017)

of

the

TIAA-CREF

Funds,

the

TIAA-CREF

Life

Funds,

the

TIAA

Separate

Account

VA-1

and

the

Principal

Financial

Officer,

Principal

Accounting

Officer

(since

2020)

and

Treasurer

(since

2017)

to

the

CREF

Accounts;

has

held

various

positions

with

TIAA

since

2006.

Mark

L.

Winget

1968

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Secretary

2008

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

(since

2008),

and

Nuveen

Fund

Advisors,

LLC

(since

2019);

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2020);

Vice

President

(since

2010)

and

Associate

General

Counsel

(since

2019)

of

Nuveen.

Rachael

Zufall

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2022

Managing

Director

and

Assistant

Secretary

(since

2023)

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director

(since

2017),

Associate

General

Counsel

and

Assistant

Secretary

(since

2014)

of

the

CREF

Accounts,

TIAA

Separate

Account

VA-1,

TIAA-

CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director

(since

2017),

Associate

General

Counsel

and

Assistant

Secretary

(since

2011)

of

Teacher

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director

of

Nuveen,

LLC

and

of

TIAA

(since

2017).

(1)

Directors

serve

an

indefinite

term

until

his/her

successor

is

elected

or

appointed.

The

year

first

elected

or

appointed

represents

the

year

in

which

the

director

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

Fund

Complex.

(2)

Officers

serve

one

year

terms

through

August

of

each

year.

The

year

first

elected

or

appointed

represents

the

year

in

which

the

officer

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

Fund

Complex.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

MAN-FTFI-0523P

2956478-INV-Y-7/24

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

Nuveen

to

provide

dependable

investment

solutions

through

continued

adherence

to

proven,

long-term

investing

principles.

Today,

we

offer

a

range

of

high

quality

solutions

designed

to

be

integral

components

of

a

well-diversified

core

portfolio.

Focused

on

meeting

investor

needs.

Nuveen

is

the

investment

manager

of

TIAA.

We

have

grown

into

one

of

the

world’s

premier

global

asset

managers,

with

specialist

knowledge

across

all

major

asset

classes

and

particular

strength

in

solutions

that

provide

income

for

investors

and

that

draw

on

our

expertise

in

alternatives

and

responsible

investing.

Nuveen

is

driven

not

only

by

the

independent

investment

processes

across

the

firm,

but

also

the

insights,

risk

management,

analytics

and

other

tools

and

resources

that

a

truly

world-class

platform

provides.

As

a

global

asset

manager,

our

mission

is

to

work

in

partnership

with

our

clients

to

create

solutions

which

help

them

secure

their

financial

future.

Find

out

how

we

can

help

you.

To

learn

more

about

how

the

products

and

services

of

Nuveen

may

be

able

to

help

you

meet

your

financial

goals,

talk

to

your

financial

advisor,

or

call

us

at

(800)

257-8787.

Please

read

the

information

provided

carefully

before

you

invest.

Investors

should

consider

the

investment

objective

and

policies,

risk

considerations,

charges

and

expenses

of

any

investment

carefully.

Where

applicable,

be

sure

to

obtain

a

prospectus,

which

contains

this

and

other

relevant

information.

To

obtain

a

prospectus,

please

contact

your

securities

representative

or

Nuveen,

333

W.

Wacker

Dr.,

Chicago,

IL

60606.

Please

read

the

prospectus

carefully

before

you

invest

or

send

money.

Learn

more

about

Nuveen

Funds

at:

www.nuveen.com/mutual-funds

NOT

FDIC

INSURED

MAY

LOSE

VALUE

NO

BANK

GUARANTEE

ITEM 2. CODE OF ETHICS.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

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

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

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

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

Fiscal Year Ended May 31, 2023	Audit Fees Billed to Funds 1		Audit-Related Fees Billed to Funds 2		Tax Fees Billed to Funds 3		All Other Fees Billed to Funds 4
Fund Name
Nuveen Minnesota Municipal Bond Fund		37,988		0		0		0
Nuveen Minnesota Intermediate Municipal Bond Fund		37,988		0		0		0
Nuveen Nebraska Municipal Bond Fund		37,988		0		0		0
Nuveen Oregon Intermediate Municipal Bond Fund		37,988		0		0		0
Total	$	151,952	$	0	$	0	$	0

¹  “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

²  “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.

³  “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant.

⁴ “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.

	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed to Funds			Audit-Related Fees Billed to Funds			Tax Fees Billed to Funds			All Other Fees Billed to Funds
Fund Name
Nuveen Minnesota Municipal Bond Fund		0	%		0	%		0	%		0	%
Nuveen Minnesota Intermediate Municipal Bond Fund		0	%		0	%		0	%		0	%
Nuveen Nebraska Municipal Bond Fund		0	%		0	%		0	%		0	%
Nuveen Oregon Intermediate Municipal Bond Fund		0	%		0	%		0	%		0	%

May 31, 2022	Audit Fees Billed to Funds 1		Audit-Related Fees Billed to Funds 2		Tax Fees Billed to Funds 3		All Other Fees Billed to Funds 4
Fund Name
Nuveen Minnesota Municipal Bond Fund		37,025		0		38		0
Nuveen Minnesota Intermediate Municipal Bond Fund		37,025		0		22		0
Nuveen Nebraska Municipal Bond Fund		35,975		0		7		0
Nuveen Oregon Intermediate Municipal Bond Fund		35,975		0		15		0
Total	$	146,000	$	0	$	81	$	0

¹  “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

²  “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.

³  “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant.

⁴ “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.

	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed to Funds			Audit-Related Fees Billed to Funds			Tax Fees Billed to Funds			All Other Fees Billed to Funds
Fund Name
Nuveen Minnesota Municipal Bond Fund		0	%		0	%		0	%		0	%
Nuveen Minnesota Intermediate Municipal Bond Fund		0	%		0	%		0	%		0	%
Nuveen Nebraska Municipal Bond Fund		0	%		0	%		0	%		0	%
Nuveen Oregon Intermediate Municipal Bond Fund		0	%		0	%		0	%		0	%

Fiscal Year Ended May 31, 2023	Audit-Related Fees Billed to Adviser and Affiliated  Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
Nuveen Investment Funds, Inc.	$	0		$	0		$	0
	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
		0	%		0	%		0	%
Fiscal Year Ended May 31, 2022	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
Nuveen Investment Funds, Inc.	$	0		$	0		$	0
	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
		0	%		0	%		0	%

Fiscal Year Ended May 31, 2023	Total Non-Audit Fees Billed to Trust		Total Non-Audit Fees billed to Adviser and Affiliated  Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust)		Total Non-Audit Fees billed to Adviser and Affiliated  Fund Service Providers (all other engagements)		Total
Fund Name
Nuveen Minnesota Municipal Bond Fund		0		0		0		0
Nuveen Minnesota Intermediate Municipal Bond Fund		0		0		0		0
Nuveen Nebraska Municipal Bond Fund		0		0		0		0
Nuveen Oregon Intermediate Municipal Bond Fund		0		0		0		0
Total	$	0	$	0	$	0	$	0

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

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

Fiscal Year Ended May 31, 2022	Total Non-Audit Fees Billed to Trust		Total Non-Audit Fees billed to Adviser and Affiliated  Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust)		Total Non-Audit Fees billed to Adviser and Affiliated  Fund Service Providers (all other engagements)		Total
Fund Name
Nuveen Minnesota Municipal Bond Fund		38		0		0		38
Nuveen Minnesota Intermediate Municipal Bond Fund		22		0		0		22
Nuveen Nebraska Municipal Bond Fund		7		0		0		7
Nuveen Oregon Intermediate Municipal Bond Fund		15		0		0		15
Total	$	81	$	0	$	0	$	81

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

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this registrant.

ITEM 6. SCHEDULE OF INVESTMENTS.

a) See Portfolio of Investments in Item 1.

b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this registrant.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this registrant.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to this registrant.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

File the exhibits listed below as part of this Form.

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

SIGNATURES

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

(Registrant) Nuveen Investment Funds, Inc.

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

Date: August 3, 2023

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

By (Signature and Title)	/s/ Justin M. Pfaff
	Justin M. Pfaff
	Chief Administrative Officer
	(principal executive officer)

Date: August 3, 2023

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

Date: August 3, 2023